Emerging Market Links + The Week Ahead (December 23, 2024)

Qatar stands up to the EU's ESG demands, India is worse than you think, China GDP growth now lags Asia, Brazil’s fiscal shortfall/currency plunge, EM stock picks & the week ahead for emerging markets.

The National has reported that Qatar’s threat to stop EU gas sales over stringent EU sustainability and reporting regulations (aka the so-called Corporate Sustainability Due Diligence Directive (CSDDD)) could set precedent for other energy-exporting nations. In other words, countries are now starting to stand up to the EU (good luck with your windmills & solar panels OR getting gas out of Mr. Putin…) and their ESG or “sustainability” demands...

Finally, Zerohedge has an interesting article (India: It's Worse Than You Think) based on a speech available on YouTube (PFP272 | Jayant Bhandari: “Understanding India” (PFS 2024)) by Jayant Bhandari who bluntly stated:

I had first returned to India with the idea of improving it, but after 11 years, I realized that India was a sinking ship, with worsening and increasingly shameless corruption, degraded people, and a society that was falling apart. I had never met an honest bureaucrat or politician…

… I have never (I am using the word advisedly) had a contract honored in India. When you bribe, you must do so skillfully. If you have an opposing side in a legal fight, the judge and the police will take bribes from both sides. Your lawyer will collude with the opposing side and with the judge right in front of you to maximize bribes. This might sound unbelievable, but that does not change reality.

The closest I have been to India was Sri Lanka (which I largely found to be a very pleasant country to visit…) - readers/listeners to his talk can decide for themselves whether what he says about India and Indians (and hence any investment implications…) is accurate or not…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🇸🇬 Singapore Stocks: The Edge Billion Dollar Club 2024 Award Winners Partially $

  • Singapore listed stocks who won the following metric categories by sector: growth in profit after tax, returns to shareholders, weighted return on equity & overall sector winner.

• 🌐 EM Fund Stock Picks & Country Commentaries (December 22, 2024) Partially $

  • Political winds may shift towards bonds, understanding India’s Production Linked Incentive Scheme, Mexico trip report, Trump 2.0 EM winners & losers, various 2025 outlooks + fund updates, etc.

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📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Link to an archived article

🌐 Deep Dive: Switches (Deep Fundamental Research) $

• Unveiling the core of AI networking: switch technology explained | Key players in the swtich market | Future trends in CPO and three beneficiary sectors|

• In my previous post on data center networking, I briefly highlighted switches as a core component of AI data center networks. However, due to the complexity and importance of the topic, I decided it warranted a dedicated discussion. As promised, this follow-up post delves into the key aspects of switches and examines the investment implications of the evolution of this industry.

• Below in the paid section, I will highlight three key beneficiary segments due to the the CPO trend. Companies discussed include: Suzhou TFC Optical Communication Co Ltd (SHE: 300394), Zhongji Innolight Co Ltd (SHE: 300308), Coherent Corp (NYSE: COHR), Eoptolink Technology Inc Ltd (SHE: 300502), Yuanjie Semiconductor Technology Co Ltd (SHA: 688498), Henan Shijia Photons Technology Co Ltd (SHA: 688313), Lumentum Holdings Inc (NASDAQ: LITE), Molex (private), and T&S Communications Co Ltd (SHE: 300570).

🇨🇳 CATL leads new charge of Mainland-listed companies into Hong Kong (Bamboo Works)

• The world’s largest EV battery maker, which is already listed in Shenzhen, is reportedly exploring an IPO to raise $5 billion or more from a second listing in Hong Kong

• Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) has reportedly hired advisers for a potential Hong Kong listing that could become the city’s largest in more than three years

• The world’s largest EV battery maker’s biggest appeal for foreign investors could be its ability to remain consistently profitable despite recent turmoil in its sector

🇨🇳 Cover Story: Baidu-Geely Joint EV Failure Reflects Treacherousness of Chinese Market (Caixin) $

• Ji Yue Auto — an electric vehicle (EV) startup backed by Chinese tech giant Baidu (NASDAQ: BIDU) and automotive powerhouse Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF) — disbanded overnight, leaving hundreds of employees, suppliers and consumers reeling. What started as a rising star in China’s competitive EV industry collapsed in a single day, triggering industry-wide alarm and raising questions about how a company with such formidable backers could meet such a sudden and dramatic end.

• Just days before its demise, Ji Yue was still expanding aggressively, opening new stores and rolling out tech updates. Employees were on business trips and headquarters buzzed with activity. But behind the scenes, the carmaker was unraveling. In a video call on Dec. 11, CEO Xia Yiping revealed unpaid employee benefits and offered a grim ultimatum: resign for uncertain severance or take indefinite unpaid leave. The message was clear—Ji Yue was finished.

🇨🇳 JD Logistics buys out partner in its race to time-sensitive deliveries (Bamboo Works)

• The company is building out its integrated supply chain services by completely purchasing Kuayue-Express, its time-sensitive delivery partner for B2B customers

• JD Logistics (HKG: 2618) will buy out the remaining stake it doesn’t already own in B2B delivery specialist Kuayue-Express, whose net profit rose 70.6% last year to 1.45 billion yuan

• Kuayue-Express ranked third last year in China’s less-than-truckload (LTL) logistics market with revenue of 18.47 billion yuan, behind only after S.F. and Deppon

🇨🇳 Meituan to launch quick commerce in Saudi Arabia after Keeta food delivery (Momentum Works)

• Meituan (HKG: 3690 / 83690 / FRA: 9MD / OTCMKTS: MPNGF / MPNGY), China’s largest food delivery and quick commerce platform, entered Saudi Arabia through its overseas brand Keeta in September this year.

• Back then, we were discussing with a few friends that Meituan’s Arabian venture would not stop at food delivery, because online grocery and on demand ecommerce in Saudi Arabia are very attractive prospects as well.

• This morning, Chinese media reported that Meituan is indeed bringing Xiaoxiang Supermarket, its 1P dark stores with on demand fulfilment, to Saudi Arabia.

🇨🇳 China’s Food Delivery Giants to Introduce Mandatory Rest Breaks for Riders (Caixin) $

• China’s food delivery giants Meituan (HKG: 3690 / 83690 / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) and Ele.me are to impose mandatory rest breaks for delivery drivers to improve their health and safety.

• The changes in policy come after a public outcry over a September incident when a 55-year-old delivery rider collapsed and died in the eastern Chinese city of Hangzhou.

• An online notice revealed that the two platforms were to force riders offline after excessive shifts. Meituan on Tuesday confirmed adjustments to its working hours policy, with small-scale trials already underway.

🇨🇳 Brief Interlude: The Shifting Battle for Speed in Chinese E-Commerce (The Great Wall Street - Investing in China)

• The future of Chinese e-commerce is instant retail

• In China’s fast-paced e-commerce market, speed is the name of the game. Walmart’s recent move from JD.com to Meituan—offering 30-minute delivery—shows a major shift in consumer expectations.

• JD.com (NASDAQ: JD)’s once-unbeatable 24-hour delivery is no longer a competitive edge. 24-hour 快递 delivery in China is commoditized. Today, consumer preferences have shifted toward two distinct categories:

  • Immediate Needs: Platforms like Meituan (HKG: 3690 / 83690 / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) offer ultra-fast delivery within 30 minutes, catering to those who need products urgently.

  • Cost-Conscious Purchases: Platforms like Pinduoduo prioritize low prices over speed, attracting shoppers who can afford to wait a day or two to save money.

🇨🇳 Alibaba’s breakup in tatters, could 2025 be the year of asset shedding? (Bamboo Works)

• Nearly two years after the company announced a major breakup into its six major business units, most of that plan has been undone by CEO Eddie Wu and Chairman Joe Tsai

• Alibaba (NYSE: BABA) is selling Intime, a traditional department store chain it acquired as part of a “new retail” strategy that it’s now abandoning to focus on its core e-commerce

• The company has scrapped most of its landmark plan to break itself up into its six major business units since the departure of CEO Daniel Zhang last year

🇨🇳 Beaten down PDD ends 2024 with Southeast Asian setbacks (Bamboo Works)

• The e-commerce giant’s Temu overseas arm, along with fast-fashion sensation Shein, have been ordered to suspend their operations in Vietnam

• After being blocked in Indonesia, PDD Holdings (NASDAQ: PDD)’s overseas Temu arm has reportedly been ordered to halt service in Vietnam as well

• Downside risk to the e-commerce giant’s stock looks limited, based on its forward price-to-earnings (P/E) ratio of less than 8 times

🇨🇳 Who Am I?....Episode 3 / Pinduoduo (PDD) (Uzo Capital)

• My track record is impressive

• 10 years ago I didnt exist

• I’m the fastest company in history to achieve $100bn in market cap

• In the last 2 years both my sales and profits have doubled

🇨🇳 🇻🇳 Our thoughts on Vietnam suspending Temu’s operations (Momentum Works)

• Last Thursday, the Vietnamese government requested Temu to suspend its cross-border ecommerce business in Vietnam. Another cross border ecommerce player SHEIN has also complied with the government’s request to stop selling into Vietnam.

• Early last month, the Vietnamese government had asked both companies to complete their local registration by the end of November. Temu stated that it had submitted its application but was uncertain about when approval will be received.

• Last week, half of the Momentum Works Insights team was in Hangzhou and Yiwu meeting the cross border ecommerce ecosystem. During these meetings, we discussed with stakeholders about this development in the Vietnam market. Here are some thoughts:

🇨🇳 🇻🇳 Temu Suffers First Big Setback as Vietnam Suspends Its Operations (Momentum Works)

• Temu, the Chinese cross-border e-commerce platform owned by PDD Holdings (NASDAQ: PDD) has suffered its first major setback since launching in 2022 after Vietnam banned its operations citing regulatory non-compliance only two months after it entered the market.

• Temu was ordered by the Ministry of Industry and Trade to stop using the Vietnamese language on its website and app, to notify customers that its e-commerce registration was under review, and to halt all marketing activities in the country, according to a report by Vietnam News Agency on Dec.

• The suspension is Temu’s first since expanding into more than 80 countries around the world.

🇨🇳 Its growth cooling, can Kanzhun stay employed in a slowing economy? (Bamboo Works)

• China’s leading recruitment company delivered double-digit third-quarter growth for most of its major metrics, though its revenue growth showed signs of slowing

• Kanzhun (NASDAQ: BZ)’s revenue grew nearly 20% in the third quarter, but its net profit grew at less than half that rate

• The operator of the popular Boss Zhipin job requirement app expects its fourth quarter revenue growth to slow to about 14%

🇨🇳 Fosun Tourism travels back to home base with delisting plan (Bamboo Works)

• The resort operator is being absorbed back into the Fosun group via a buyout offer to minority shareholders, with a focus on China’s domestic travel market

• Fosun Tourism Group (HKG: 1992 / OTCMKTS: FSNGF)’s revenues rose 5.8% in the first half of 2024 to 9.41 billion yuan

• The parent company is paying a 95% premium over the market price to buy back shares in Fosun Tourism

🇨🇳 Did falling durian prices undermine an already-shaky Hongjiu Fruit? (Bamboo Works)

Chongqing Hongjiu Fruit Co Ltd (HKG: 6689)

• The fruit seller has yet to issue a 2023 annual report since KPMG resigned as its auditor in April, as top executives pledge shares to raise cash and an investigative journalist sniffs for fraud

• China’s self-proclaimed ‘number one fruit stock’ has raised the equivalent of over $200 million using share pledges, as its stock has remained suspended since March

• The company, whose business model depends on price stability, is being undermined by falling durian prices due to e-commerce price wars and oversupply

🇨🇳 In weak insurance market, Waterdrop finds solace in benevolence crowdfunding (Bamboo Works)

• The insurance broker’s net profit rose about 150% year-on-year in the third quarter, on the back of the strong performance for its crowdfunding business

• Waterdrop (NYSE: WDH)’s revenue increased just 2.6% year-on-year in the third quarter as the contribution from its main insurance business shrank

• Revenue from the company’s crowdfunding business increased substantially, boosting its profitability and fueling a big profit jump

🇨🇳 Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January (Smartkarma) $

• Shanghai Henlius Biotech (HKG: 2696 / OTCMKTS: SGBCF)’s IFA opines that Shanghai Fosun Pharmaceutical (HKG: 2196 / SHA: 600196 / FRA: 08HH / OTCMKTS: SFOSF)’s HK$24.60 offer is fair and reasonable. The vote is on 22 January.

• The key condition is approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders rejection). There are recent movements in H Share substantial shareholders.

• Key shareholders should be supportive of the cash/scrip offer. At the last close and for a 15 February payment, the gross/annualised spread is 2.9%/16.9%.

🇨🇳 Hengrui Pharma accelerates bid for global brand status (Bamboo Works)

• The Chinese drugmaker has outlined plans for a secondary listing in Hong Kong to raise its international profile and bolster its overseas ambitions

• Jiangsu Hengrui Pharmaceuticals (SHA: 600276) started out producing generic drugs, but China’s centralized procurement policies took a bite out of its business

• Innovative drugs now make up half of the company’s income and have helped to return earnings to a growth track

🇨🇳 Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying? (Smartkarma) $

• Bloks Group, a fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.

• In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.

• Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.

🇨🇳 Bloks Group IPO: PHIP Updates, Revenue Continues To Post Hyper Growth As IPO Nears (Smartkarma) $

• Bloks Group, a founder-led leader in China’s assembly character toy segment, updated its PHIP and continued to post hyper growth.

• In the nine months ended Sep-24, the company’s revenue totaled ~RMB1629m, representing a y/y growth of ~177%, due to significant increase in product sales volume.

• According to the most recent PHIP, Ultraman IP license in China was extended to 2027 and TRANSFORMERS IP license with Hasbro will expire only in 2028.

🇨🇳 In Depth: China’s Trendy Toy Makers March Into Southeast Asia (Caixin) $

• When Thai K-pop star Lisa posted a photo with a Labubu toy on social media in April, the furry plushie shot to the forefront of Southeast Asia’s “trendy toy” scene, with unboxing videos attracting tens of thousands of views.

• Three months later, a Labubu theme store opened in Bangkok’s Mega Bangna shopping mall and generated over 10 million yuan ($1.38 million) in sales on its first day — a record in single-day overseas sales for its operator, China’s Pop Mart International Group Ltd (HKG: 9992 / FRA: 735 / OTCMKTS: POPMF / PMRTY).

🇨🇳 2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits (Smartkarma) $

• DiDi Global (OTCMKTS: DIDIY) has begun to generate positive EBITDA after several challenging years post-IPO. With a high degree of operating leverage, the company is poised to grow quickly.

• Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.

• The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.

🇨🇳 GA Pack (468 HK): The State of Play (Smartkarma) $

• On 20 December, Shandong Xinjufeng Technology Packaging (SHE: 301296) satisfied the precondition for its Greatview Aseptic (HKG: 0468 / FRA: 8GA / OTCMKTS: GRVWF) offer. The offer document will be despatched by 27 December.

• Analysing the EGM vote on 18 October suggests that the 50% minimum acceptance condition will be met if no competing management offer is made.

• Management will oppose the offer, but the last EGM protest votes suggest that many minorities will ignore management. At the last close, the gross/annualised spread was 2.3%/25.3%.

🇭🇰 Swire Properties: Staying Bullish With Continued Repurchases And Healthy Metrics (Seeking Alpha) $ 🗃️

• Swire Properties (HKG: 1972 / OTCMKTS: SWPFF)

🇹🇼 TSMC: Largest Contract Semiconductor Manufacturer Still Below Fair Price (Long-Term Pick)

• Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) is a global leader in semiconductor manufacturing, well-known for its advanced technology and focus on producing innovative chips for high-demand industries like AI and mobile computing.

• TSMC presents a compelling investment opportunity as the world’s largest contract semiconductor manufacturer. The company’s low PEG ratio, combined with its leadership in advanced process technology, suggests significant potential for long-term growth. Unlike all of its competitors, TSMC consistently delivers high profit margins and equity returns, which underscores its operational efficiency and ability to meet the rising global demand for semiconductors.

• Currently trading below the semiconductor industry average valuation metrics and my fair price estimate of $228, which is still below its current price.

🇰🇷 Woori Financial: Korea's Households Are Overlevered And Delinquencies Are Rising (Seeking Alpha) $ 🗃️

• 🇰🇷 Woori Financial Group (NYSE: WF) - Commercial bank. Range of financial services to individual, business & institutional customers. 🇼 🏷️

🇰🇷 SK Telecom: A Deeply Undervalued South Korean Leader Embracing AI Innovation (Seeking Alpha) $ 🗃️

• 🇰🇷 SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) - Wireless telecommunication services in Korea. 3 segments: Cellular Services, Fixed-Line Telecommunications Services & Other Businesses. 🇼 🏷️

🇰🇷 Korea’s Dem Leader: PBR Under 0.3x Should Be Hostile M&A Targets – Names That Could Feel the Heat (Smartkarma) $

• During the public hearing, Lee Jae-myung asked SIMPAC Inc (KRX: 009160)'s CFO about their 0.3x PBR, then remarked, "That’s prime territory for a hostile M&A."

• With PBRs under 0.3x, these companies may roll out shareholder returns to manage political pressure—definitely worth tracking from a value-up trading perspective.

• Hanwha Corporation (KRX: 000880) is interesting due to its room for shareholder returns and potential merger with Hanwha Energy. With the new Commercial Act, a public tender offer is likely. Worth watching closely.

🇰🇷 Lotte Shopping and Potentially Others Are Shaping up as Fresh Picks for Dividend Arbitrage Plays (Smartkarma) $

• At today’s close, Lotte Shopping Co Ltd (KRX: 023530) shows solid contango for a basis trade, with LS Corp (KRX: 006260) next; the rest are too tight or dry.

• Lotte Shopping surprised the market today, changing its dividend record date to a board-set day, wiping out the backwardation that matched its dividend yield until yesterday.

• Lotte Shopping’s move could signal other stocks changing dividend dates, causing similar dislocations. With a 7% yield and solid SSF volume, it's prime for aggressive dividend arbitrage.

🇰🇷 New Corporate Value Up Plans of POSCO Holdings and POSCO International (Douglas Research Insights) $

• Both POSCO Holdings (NYSE: PKX) and Posco International Corp (KRX: 047050) provided solid, new Corporate Value Up reports.

• However, POSCO International's plan is much better. POSCO International plans to provide total shareholder returns of 50% which is more than double of its previous total shareholder return plan.

• This sharp increase in shareholder returns is likely to lead to share outperformance of POSCO International relative to the market in the next several months.

🇰🇷 Korea Zinc: Cumulative Voting System and 10 to 1 Stock Split (Douglas Research Insights) $

• Chairman Choi has proposed a cumulative voting system which is one of the agenda items to be discussed and voted upon at the EGM on 23 January.

• There is likely to be continued uncertainty about proxy voting, including whether or not Korea Zinc (KRX: 010130) could use cumulative voting system for Chairman Choi to retain control of the company.

• On 23 December, Korea Zinc (010130 KS) announced that it will propose a 10 to 1 stock split on the next EGM scheduled for 23 January 2025.

🇰🇷 CHA Biotech Announces A Capital Raise of 41% of Outstanding Shares (Douglas Research Insights) $

• On 20 December, Chabiotech Co Ltd (KOSDAQ: 085660) announced that it plans to conduct a rights offering capital raise of 250 billion won.

• The expected rights offering price is 10,800 won (27.3% lower than current price of 14,860 won). A total of 23.148 million new shares (41% of outstanding shares) will be issued.

• This capital raise by CHA Biotech is likely to further negatively impact the company's share price in the next several weeks as many investors are concerned about excessive shares dilution.

🇰🇷 A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp (Douglas Research Insights) $

• A potential merger between Nissan Motor Co Ltd (TYO: 7201 / FRA: NISA / OTCMKTS: NSANY / NSANF) and Honda Motor (NYSE: HMC) would create the third largest auto group in the world.

• If this merger is successful, it could have a short term positive impact on Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) since it could result in a reduction of overlapping sales/marketing and production of Nissan.

• However, a merger of Honda and Nissan could negatively impact Hyundai Motor over the long term because the merged entity could produce more high quality, price competitive vehicles.

🇰🇷 LG CNS IPO: Limited Float Pushes Back Passive Buying (Smartkarma) $

• LG CNS (LGCNSZ KS) is looking to raise up to KRW 1,199bn (US$830m), valuing the company at KRW 6 trillion (US$4.15bn) at the top end of the IPO price range.

• As a member of the IT sector, inclusion in the KOSPI200 Index will only take place via Fast Entry (near impossible) or as a large-scale company.

• Inclusion in global indices could commence in September 2025 and will be easier if the identity of the pre-IPO minority shareholders is disclosed or if the strategic investors sell.

🇸🇬 Sea Limited: Rising Tide Lifts All Boats (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited: The Three-Headed Monster Roars On (Seeking Alpha) $ 🗃️

• 🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 Grab: After A Sharp Rally This Year, It's Time To Start Taking Profits (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌏 Grab Holdings Limited (NASDAQ: GRAB) - Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️

🇸🇬 DBS Group Holdings: The Prospect Of Increased Capital Returns To Shareholders (Seeking Alpha) $ 🗃️

• 🌏 DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) - Financial services group in Asia with a presence in 19 markets: Greater China, Southeast Asia & South Asia. 🇼 🏷️

🇸🇬 Can the Straits Times Index Soar to New Highs in 2025? (The Smart Investor)

• Let’s break the index down into its major components to assess if there is a high probability of this happening.

  • Banks are leading the way

    • First off, investors should note that more than half of the STI is comprised of the three local banks, namely DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB.

  • Singtel (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) introduces its value realisation dividend

  • Robust REIT candidates

  • Other promising companies

🇸🇬 4 Beaten-Down Singapore Food & Beverage Stocks: Are They Poised for a Rebound? (The Smart Investor)

• These stocks may have been battered this year, but could they be positioned to do well in 2025?

• Several companies in the food and beverage (F&B) sector met with challenging conditions that caused their share prices to get beaten down for the year.

• We take a closer look at four such businesses to try to determine if they could be positioned for a better 2025.

  • Delfi Limited (SGX: P34 / OTCMKTS: PEFDF) manufactures and distributes consumer products that are sold in over 17 markets including Indonesia, Singapore, Malaysia, and Hong Kong.

  • Food Empire (SGX: F03) is a food and beverage manufacturer with a portfolio comprising instant beverages, snack foods, and food ingredients.

  • Japan Foods (SGX: 5OI / TYO: 2599) is a leading Japanese restaurant operator in Singapore and operates 84 restaurants under brands such as Ajisen Ramen and Menya Musashi as of 30 September 2024.

  • Jumbo Group (SGX: 42R) is an F&B company well-known for its Singapore-style live seafood specialities.

🇸🇬 Better Buy: CapitaLand Integrated Commercial Trust Vs CapitaLand Ascendas REIT (The Smart Investor)

• Sentiment has been poor towards this asset class because of still-high interest rates and elevated levels of inflation.

• However, REITs with strong sponsors have done well in mitigating these headwinds.

• CapitaLand Investment Ltd (SGX: 9CI / FRA: 5NU / OTCMKTS: CLILF) is recognised as a solid sponsor that has expertise in managing properties within its REITs.

• We compare two REITs under its umbrella – CapitaLand Integrated Commercial Trust (SGX: C38U), or CICT, and CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR, to see which makes the better investment.

🇸🇬 Year in Review: 4 Singapore Stocks to Keep Your Eye On in 2025 (The Smart Investor)

• Several companies may also enjoy long-term tailwinds that continue to benefit their business in the medium term, allowing them to post higher revenue, profits, and dividends.

• Here are four interesting Singapore stocks to watch for as we say goodbye to 2024 and welcome in 2025.

  • iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) is a financial technology (fintech) firm that operates a platform for the buying and selling of unit trusts, equities, and bonds.

  • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) is Singapore’s largest bank by market capitalisation and is also a familiar name to many Singaporeans.

  • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF), or STE, is a global technology and engineering firm that serves clients in the aerospace, smart city, defence, and public security sectors.

  • Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) is a data centre REIT with a portfolio of 23 data centres across 10 countries.

🇮🇳 DAM Capital IPO Review: India's Fastest-Growing Merchant Bank (Smartkarma) $

• DAM Capital (930970Z IN) is the fastest growing merchant banker in last 3 years between 2022-24.

• DAM Capital is pure-play merchant banker and institutional equity business, delivering high growth and margins compared to its peers.

• Since 2019, DAM completed 27 IPOs, 16 QIPs, 6 OFS, 6 Preferential issues, 4 rights issues, 8 buybacks, 4 open offers, and 1 REIT IPO.

🇮🇳 Impact of Quick Commerce on Dmart's Growth and Valuation (Smartkarma) $

• The retail landscape in India is witnessing a rapid transformation with the rise of Quick Commerce

• These companies are challenging traditional retail models by combining competitive pricing with the convenience of super-fast deliveries.

• For Avenue Supermarts Ltd (NSE: DMART / BOM: 540376), which has long been the leader in value retailing, this shift presents significant challenges to Same Store Sales Growth (SSSG), store expansion plans, and overall valuation.

🇮🇳 The Beat Ideas: Kuantum Papers' Strategic Expansion and Product Innovation (Smartkarma) $

• Kuantum Papers Ltd (NSE: KUANTUM / BOM: 532937) is implementing a significant capacity expansion project, estimated to increase production capacity by 50% within 18 months. Total Capex: 735Cr, including debt of Rs. 535 crore.

• Despite recent industry challenges, Kuantum Papers maintained a healthy EBITDA margin of approximately 22% Q2FY25. The company expects improved margins with anticipated demand increases and raw material price stabilization.

• Under Project NIRMAN, focused on Industry 4.0 integration, the company has successfully implemented online sensors and control logic in its wood bleach section, improving automation and efficiency.

🇮🇳 The Beat Ideas: KCP Limited- Cement Business Undervaluation (Smartkarma) $

• KCP Ltd (NSE: KCP / BOM: 590066) is available at a significant discount due to underperformance and margin deterioration.

• The sugar sector is performing well due to higher realization and higher sugar cultivation.

• The company is poised for a high valuation if it demerges or sale its cement business, which is a big drag in the overall valuation.

🇮🇳 🇰🇷 LG Electronics India IPO Valuation Analysis (Douglas Research Insights) $

• Our base case valuation of LG Electronics India is implied market cap of 1,256 billion INR or US$14.7 billion.

• Several media accounts have mentioned that LGEI could be targeting a valuation of about US$13 billion to US$15 billion.

• LGEI's valuation would need to be about US$13 billion or less in order for us to be Bullish on this IPO.

🇮🇳 Asian Paints: From Market Leader in Paints to a Holistic Home Décor Brand (EquityEdge Research)

• Asian Paints Ltd (NSE: ASIANPAINT / BOM: 500820), founded in 1942 by four entrepreneurs, has transformed from a small paint company to a global leader with a presence in over 15 countries. Initially established to address the demand for affordable, high-quality paints in India, the company has consistently stayed ahead of the curve through innovation, technological adoption, and strategic vision.

• In recent years, Asian Paints has ventured beyond paints into the expansive world of home décor. Through its Beautiful Homes Network and acquisitions of niche brands, the company is diversifying into high-margin, complementary segments such as modular kitchens, furniture, and furnishings, redefining its identity as a holistic home solutions provider.

🇿🇦 Lesaka Technologies: Recent News Bolsters The Bull Case (Seeking Alpha) $ 🗃️

• 🌍 Lesaka Technologies (NASDAQ: LSAK) - Full-service fintech platform (financial services & software). 🇼

🇵🇱 Dino Polska: The Fast Growing Polish Powerhouse 💎📈 (Invest in Quality)

• High insider ownership, High returns on capital, fast growth, decent margins and low debt levels. Dino Polska (WSE: DNP / FRA: 5Y2 / OTCMKTS: DNOPY) looks like a great business that I consider a potential multi-bagger.

🌎🇰🇾 Patria Investments: Don't Miss Out Here (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.

🌎 Pan American Silver: One Of The Better Options For Silver Exposure (Seeking Alpha) $ 🗃️

• 🌎 Pan American Silver Corp (NYSE: PAAS) - Owns & operates silver & gold mines located throughout the Americas. Canada HQ. 🇼

🌎 MercadoLibre: Smart Investors Know Why To Buy Now (Seeking Alpha) $ 🗃️

• 🌎 MercadoLibre (NASDAQ: MELI) - Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️

🇰🇾 Consolidated Water: Upside In Water, But Only At The Right Price (Seeking Alpha) $ 🗃️

• 🇰🇾🌎 Consolidated Water Company Ltd (NASDAQ: CWCO) - Designs, builds, operates & in some cases finances seawater reverse osmosis (SWRO) desalination plants & water distribution systems in several Caribbean countries. 🏷️

🇦🇷 Grupo Financiero Galicia: Still Room For Further Share Price Growth (Seeking Alpha) $ 🗃️

• 🇦🇷 Grupo Financiero Galicia Sa (NASDAQ: GGAL) - A group of financial services companies in Argentina. 🇼 🏷️

🇦🇷 Grupo Supervielle: Weaker Capital Ratio May Be An Important Constraint For Higher Share Price Returns Ahead (Seeking Alpha) $ 🗃️

• 🇦🇷 Grupo Supervielle SA (NYSE: SUPV) - Provides a range of financial & non-financial services. 🏷️

🇧🇷 Petrobras Stock Is Now Too Undervalued (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼

🇧🇷 Sigma Lithium: Consolidation Provides A Good Entry Opportunity (Seeking Alpha) $ 🗃️

• 🇧🇷 Sigma Lithium Corporation (CVE: SGML) - Exploration & development of lithium deposits in Brazil.

🇧🇷 Gerdau: Continued Underperformance Eventually Going Into An Upside (Seeking Alpha) $ 🗃️

• 🌎🅿️ Metalurgica Gerdau SA (BVMF: GOAU3 / GOAU4) - Leading global steel producer & the largest producer of long steel in the Americas. 🇼 🏷️

🇧🇷 Nu Holdings: A Warren Buffett-Style Fat Pitch You Should Be Swinging At (Seeking Alpha) $ 🗃️

• 🌎 Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼

🇧🇷 Nubank (Buffetts Disciple)

• A Superapp in the making

• I first started investing in Nu Holdings (NYSE: NU) back in May of this year. With the recent pullback I thought it would be a good time to revisit my thesis and share why I am long Nubank. At the highest point I was up 100% on my calls and 30% on my equity position. As of today I am now down on this position but will continue to hold regardless of how the stock moves.

🇨🇱 Banco De Chile: Over 7% Dividend Yield, Currency Stability Possible (Seeking Alpha) $ 🗃️

• 🌎 Banco de Chile (NYSE: BCH) - Range of financial services. 🇼

🇨🇴 Turmoil at Colombia's Ecopetrol raises profit fears ahead of US investment decision (Reuters)

• Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol SA (NYSE: EC) and purges of hundreds of staff to make way for pro-government replacements are fueling fears about the energy company's future profits and contributions to the economy.

• Ecopetrol faces governance issues amid staff purges

• Petro's opposition to fracking affects Ecopetrol's deals

• Ecopetrol's contributions to national income set to decline

• Company faces March decision on Occidental partnership in Texas

🇨🇴 Cementos Argos: An Appealing Cement Play With A Big Payday Coming (Seeking Alpha) $ 🗃️

• 🌎 Cementos Argos SA (BVC: CEMARGOS / OTCMKTS: CMTOY) - Cement, concrete, aggregates, ready-mix concrete & hydrated lime products in Colombia, Caribbean, Central America & USA. Subs. of Grupo Argos SA (BVC: GRUPOARGOS). 🇼 🏷️

🇫🇰 Falkland Islands – a star is born (Undervalued Shares)

• "Falkland Islands – the next big thing?", Undervalued Shares wondered in July 2024.

• Over the past weeks, the share price of the best-known Falkland Islands play has gone vertical.

• What exactly is going on?

• Might there be another Falkland Islands stock that could soon head a lot higher?

• London-listed Rockhopper Exploration (LON: RKH / FRA: R4Y / OTCMKTS: RCKHF) (ISIN GB00B0FVQX23, UK:RKH) controls an area called Sea Lion, which lies at a relatively shallow depth of 450 metres (1,500 feet). Between 2012 and 2022, the company and its partners had spent over USD 300m on engineering and other non-drilling work relating to the Sea Lion project. This was a multiple of Rockhopper's market cap at the time and led to the discovery of 500m barrels of oil, 312m of which Rockhopper expected to exploit in an economic way.

• The oldie but goldie among Falkland Islands-related stocks is FIH Group PLC (LON: FIH / FRA: FBLM) (ISIN GB00BD0CWJ91, UK:FIH). When I first reported about this company two decades ago, it was called Falkland Islands Holding (hence "FIH") and represented the only way to invest into the islands through public markets.

🇲🇽 Vista Energy: Strong Growth, Big Potential, Fair Value (Seeking Alpha) $ 🗃️

• 🇦🇷 🇲🇽 Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)’s - Mexico HQ’d. Main asset in Argentina is the largest shale oil & shale gas play under development outside North America. 🏷️

🇲🇽 Fibra UNO: The High Yield Comes With Some Risks (Seeking Alpha) $ 🗃️

• 🇲🇽 Fibra Uno Administracion SA de CV (BMV: FUNO11 / OTCMKTS: FBASF) - Acquires, develops & operates real estate projects in logistics & light manufacturing sectors. 🇼

🇲🇽 Grupo Televisa: Excellent Efficiency Improvements Improve Cash Flow (Seeking Alpha) $ 🗃️

• 🇲🇽 🇺🇸 Grupo Televisa (NYSE: TV) - Cable TV & direct-to-home satellite pay television system. 🇼

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📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Link to an archived article

🇨🇳 Despite government efforts, China-Europe stock connects fail to take flight (Bamboo Works)

• China has taken recent steps to boost listings by its companies in Britain and Germany, but weak liquidity and geopolitical tensions remain big deterrents

• Chinese listings under a 5-year-old connect program with London could get a boost by a new Labor government interested in improving Sino-British relations

• Chinese companies remain wary of European stock markets due to low liquidity, with no new listings recorded this year through programs in London, Zurich and Frankfurt

🇨🇳 "Dire Situation" - Chinese Bond Yields Hit Record Low On Retail Sales "Big Disappointment" (Zerohedge)

• China's retail sales increased just 3% in November from a year ago, falling short of forecasts for 5% growth by economists surveyed by Bloomberg.

• The weakening in retail sales was surprising following strong sales of home appliances and cars a month ago thanks to government subsidies.

• While sales for those two categories remained strong in November, a number of discretionary goods recorded a slump.

• Cosmetics led the decline with a 26% plunge in sales from a year ago, while those of clothing, jewelry, beverages and tobacco and alcohol also decreased.

• As Mike Shedlock concludes, via MishTalk, facing debt deflation, China’s best bet would be to allow more bankruptcies, write down debt, and strengthen the yuan. But it is highly unlikely to do so.

• US hypocrites led by then Fed Chair Ben Bernanke pleaded with Japan to do that, then failed to do so at our turn in the Great Recession.

🇨🇳 China’s GDP Growth is Now Lagging the Rest of Asia (Visual Capitalist)

🇨🇳 🇲🇽 How China is setting up shop in Mexico (FT) $ 🗃️

• An increasingly close trade relationship is causing concern in Washington

• FT analysis shows that over the past few years, Chinese companies have established themselves deeper into supply chains, developed stronger trade links and increased manufacturing in Mexico.

🇰🇷 A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024 (Douglas Research Insights) $

• S&P500 is up 27.7% YTD, outperforming KOSPI which is down 6.9% YTD. Global fund flow continues to pour into top quality US stocks such as Palantir, Tesla, and NVIDIA.

• The top 20 best performing stocks in KOSPI 200 are up on average 106.8% YTD. However, the remaining 180 stocks in KOSPI 200 are down on average 9.2% YTD.

• There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are increasingly expanding their AI/data analytics related business.

🇮🇳 India: It's Worse Than You Think (Zerohedge)

• I had first returned to India with the idea of improving it, but after 11 years, I realized that India was a sinking ship, with worsening and increasingly shameless corruption, degraded people, and a society that was falling apart. I had never met an honest bureaucrat or politician. I applied to emigrate to Canada and my application was approved in a record three weeks.

• I now advise East Asian and Western corporations on investing in India. Most of what I tell them sounds to them exaggerated, unrealistic, and unbelievable. After much dance, drama, and a great deal of lost money, they begin to believe what I tell them. However, this learning is never institutionalized because of a refusal to understand India. This is a form of political correctness, a poison eating away the innards of Western values.

• I have never (I am using the word advisedly) had a contract honored in India. When you bribe, you must do so skillfully. If you have an opposing side in a legal fight, the judge and the police will take bribes from both sides. Your lawyer will collude with the opposing side and with the judge right in front of you to maximize bribes. This might sound unbelievable, but that does not change reality.

🇶🇦 Qatar’s threat to stop EU gas sales could set precedent for other energy-exporting nations (The National)

• Qatar’s threat to stop gas sales to the European Union if fined under a new law could set a precedent for other energy-exporting nations to resist stringent EU sustainability and reporting regulations, experts say.

• Qatari Energy Minister Saad Al Kaabi told the Financial Times on Sunday that if any EU state imposed non-compliance penalties on the scale referenced in the corporate due diligence directive, Doha would stop exporting its liquefied natural gas to the bloc.

• The EU’s Corporate Sustainability Due Diligence Directive (CSDDD) requires EU countries to impose fines for non-compliance with an upper limit of at least 5 per cent of the company’s annual global revenue.

• Passed by the European parliament last year and due to come into force by 2027, the CSDDD requires EU and non-EU companies with significant turnover in the bloc to ensure that their supply chains do not harm workers or the environment. Companies have new obligations to audit their supply chains for environmental damage and human rights violations.

• The CSDDD requires all listed companies (except listed microenterprises) as well as large organisations to disclose information on risks and opportunities from social and environmental issues.

🇧🇷 Why Brazil’s currency is plunging (Economist) 🗃️

• Fiscal and monetary policy are now pitted against one another

🇧🇷 ‘Fear in the market’: Brazil’s fiscal shortfall sends currency plumbing new lows (FT) $ 🗃️

• President faces greatest challenge in his third term as leader

🌐 Cocoa Biggest Commodity Winner Of Year As Food Inflation "Enters Dangerous Territory" (Zerohedge)

• The dire situation in West Africa — home to the world's largest cocoa farms — has pressured bean prices to record highs as crop disease and adverse weather conditions sparked a global supply crunch.

• Last week, Goldman analysts told clients to go long cocoa (more about the trade here ["Go Long Cocoa": Goldman Tells Clients "Another Rally" Incoming On Global Bean Supply Fears] ) for "another rally" driven by "structural supply deficits, under-hedged consumers, and historically low warehouse stocks."

🌐 2025 IPOs Pipeline (USA, Europe, and the Middle East) (Douglas Research Insights) $

• In this insight, we provide a list of 70 prominent companies in the USA, Europe, and the Middle East that could complete their IPOs in 2025.

• This is a comprehensive, REFERENCE GUIDE to help clients so that they could get a broad view of the major IPOs that could get completed in these regions in 2025.

• Some of the most prominent potential IPOs in these regions next year include Starlink, SpaceX, Stripe, Open AI, Klarna, Five Holdings, Monzo, and Ethiad Airways.

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📅 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):

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📅 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).

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🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

• Croatia Croatian Presidency Dec 31, 2024 (t) Confirmed Jan 5, 2020

• Ecuador Ecuadorian National Assembly 2025-02-09 (d) Confirmed 2023-08-20

• Ecuador Ecuadorian Presidency 2025-02-09 (d) Confirmed 2023-10-15

• Cayman Islands Referendum 2025-04-30 (d) Confirmed

• Cayman Islands Cayman Legislative Assembly 2025-04-30 (d) Confirmed 2021-04-14

• Philippines Philippine Senate 2025-05-12 (d) Confirmed 2022-05-09

• Philippines Philippine House of Representatives 2025-05-12 (d) Confirmed 2022-05-09

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📅 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):

Zhengye Biotechnology Holding Limited ZYBT Kingswood Capital Markets, 1.5M Shares, $4.00-5.00, $6.8 mil, 12/23/2024 Week of

We are a holding company incorporated in the Cayman Islands. Our underlying business is a Chinese company that makes and distributes vaccines for livestock. (Incorporated in the Cayman Islands)

We, through the operating entity, focus on the research, development, manufacturing and sales of veterinary vaccines, with an emphasis on vaccines for livestock. For nearly 20 years, the operating entity has been committed to enhancing the health of livestock. The operating entity markets a diverse range of vaccines, including vaccines for swine, cattle, goats, sheep, poultry and dogs. The operating entity’s products are available in 29 provincial regions across China and are exported overseas to Vietnam, Pakistan and Egypt.

*Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the 12 months that ended June 30, 2024.

(Note: Zhengye Biotechnology Holding says Kingswood Capital Markets has been named the new sole book-runner, replacing US Tiger Securities.)

(Note: Zhengye Biotechnology Holding Limited increased its IPO’s size to 1.5 million shares – up from 1.25 million shares initially – at a price range of $4.00 to $5.00 – to raise $6.75 million, according to an F-1/A filing dated Aug. 22, 2024. Background: Zhengye Biotechnology Holding filed its F-1 on Jan. 9, 2024, without disclosing terms for its IPO. The company submitted its confidential IPO documents to the SEC in August 2023.)

Cre8 Enterprise, Ltd. CRE Benjamin Securities/ Prime Number Capital, 1.8M Shares, $4.00-5.00, $8.0 mil, 12/30/2024 Week of

We provide financial printing and related services 24/7 to listed companies in Hong Kong, as well as to IPO applicants and private companies. (Incorporated in the British Virgin Islands)

The integrated services provided by Cre8 Hong Kong cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-Submissions of our customers’ financial reports and compliance documents on the website of the Hong Kong Stock Exchange and media placements and of these services.

Note: Net income and revenue are for the 12 months that ended Dec. 31, 2023.

(Note: Cre8 Enterprise, Ltd. filed its F-1 to go public on Aug.19, 2024, and disclosed the terms for its small-cap IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $8 million.)

Diginex Ltd. DGX Dominari Securities/ Revere Securities, 2.3M Shares, $4.00-6.00, $11.3 mil, 12/30/2024 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 $11.25 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, 12/30/2024 Week of

(Incorporated in the Cayman Islands)

Fast Track Events Pte. Ltd. was incorporated as an exempt private company limited by shares in Singapore on March 8, 2012 as an operating company of our businesses. We are a regional entertainment-focused event management and marketing company that provides a full range of services including experiential marketing, artiste endorsement and management, movie premiere organizations, grand openings and concerts. In addition to our expertise in event and concert management, we offer comprehensive value-added services tailored to meet specific client demands. These include media planning and PR management to boost event visibility, technical production planning for seamless execution of audiovisual requirements, and event manpower support for logistical efficiency. Internally, we handle project management and select media press releases, while sourcing technical support from specialized suppliers across event locations. This integrated approach ensures that we deliver high-quality, customized solutions that meet the diverse needs of our clients, enhancing the success and impact of each event we undertake.

Since our inception, we have been instrumental in creating, developing, organizing, hosting, and managing a diverse range of events and concerts for our clients. Leveraging our extensive experience, we have successfully orchestrated large-scale events featuring renowned Asian bands and artistes such as B.A.P, BTS, and David Tao. Additionally, we have hosted international speakers including Michael Franzese and Michelle Yeoh, as well as organized appearances by global celebrities like John Cena and Steven Seagal. Notable milestones include organizing Malaysia’s inaugural Hollywood Movie Premiere Red Carpet event for “Baby Driver,” as well as the acclaimed 2015 BTS Live Trilogy: Episode II The Red Bullet concerts. Furthermore, we managed the successful 2018 Wild Kard Tour showcases held in Sydney and Melbourne, Australia. These events underscore our capability to deliver memorable experiences and highlight our expertise in managing high-profile engagements across different regions and entertainment genres.

We derive a significant portion of our revenue 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.)

Skyline Builders Group Holding SKBL Dominari Securities, 1.5M Shares, $4.00-4.00, $6.0 mil, 12/30/2024 Week of

Through our subsidiary, Kin Chiu Engineering, we offer construction services for roads and drainage projects in Hong Kong. (Incorporated in the Cayman Islands)

Kin Chiu Engineering, our subsidiary, is an approved public works contractor. The company works mostly as a subcontractor. However, it is qualified to serve as a main contractor.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2024.

(Note: Dominari Securities is the book-runner with Revere Securities acting as the co-manager. Dominari and Revere replaced the original sole book-runner, Pacific Century Securities, according to Skyline Builders Group’s SEC filings.)

ALE Group Holding Limited ALEH Dawson James Securities/D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-6.00, $6.3 mil, 1/6/2025 Week of

We are a holding company incorporated in the BVI with all of our operations conducted in Hong Kong by our wholly owned subsidiary, ALE Corporate Services Ltd., also known as ALECS. (Incorporated in the British Virgin Islands)

We provide accounting and corporate consulting services to small and medium-sized businesses. Our services include financial reporting, corporate secretarial services, tax filing services and internal control reporting. Our business is operated through our wholly owned subsidiary, ALE Corporate Services Ltd. (ALECS), a Hong Kong company incorporated on June 30, 2014. Our goal is to become a one-stop solution for all the accounting, corporate consulting, taxation and secretarial needs of small and medium enterprises operating in Asia and the U.S.

**Note: Net income and revenue figures are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024.

(Note: The company disclosed that E.F. Hutton was named the sole book-runner – replacing Prime Number Capital – according to an F-1/A filing dated March 26, 2024.)

Decent Holding Inc. DXST Craft Capital/D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-4.50, $6.4 mil, 1/6/2025 Week of

We are a holding company with no material operations of our own. We conduct our operations in China through our subsidiary, Shandong Dingxin Ecology Environmental Co., Ltd., which is our PRC Operating Subsidiary (“Decent China” or “Operating Subsidiary.” (Incorporated in the Cayman Islands)

We specialize in providing industrial wastewater treatment, ecological river restoration and river ecosystem management, as well as microbial products that are used for water quality enhancement and pollutant removal, through our Operating Subsidiary, Shandong Dingxin Ecology Environmental Co., Ltd. Our main services and products include (1) wastewater treatment, (2) river water quality management, and (3) microbial products that are used for water quality enhancement and pollutant removal. For the fiscal year ended October 31, 2023, our revenue primarily comes from (1) provision of wastewater treatment service, representing approximately 25.49% of our revenue; (2) provision of river water quality management service, representing approximately 46.39% of our revenue; and (3) sale of microbial products, representing approximately 28.03% of our revenue.

We have an in–house research and development (“R&D”) team with members possessing technical expertise in engineering and chemistry as well as a sharp business sense that we believe can accurately capture and meet our customers’ needs. As of the date of this prospectus, we own 12 patents and 9 software copyrights.

We have received a number of industry awards and certifications recognizing our success and achievements, including the “Yantai City Industrial Design Center” awarded by the Yantai Municipal Bureau of Industry and Information Technology in 2022, the “Yantai New Special Expertise Enterprise” awarded by the Yantai Municipal Bureau of Industry and Information Technology in 2022, the “High-Tech Enterprise” awarded by the Shandong Provincial Department of Science and Technology, Shandong Provincial Department of Finance, and Shandong Provincial Taxation Bureau of the State Administration of Taxation in 2019 and 2022, the “Shandong Province ‘One Enterprise, One Technology’ Innovative Enterprises” awarded by the Shandong Provincial Bureau of Small and Medium Enterprises in 2015.

Management Team

Mr. Dingxin Sun is the founder, Chairman of the Board and director of the Company. He has accumulated substantial experience in entrepreneurship in the past two decades, during which he founded multiple companies in Shandong, including Yantai Dingxin Environmental Limited, Yantai Sunshine Gymnastic Limited, Yantai Tongqu Wanxiang Cultural Entertainment Limited. Mr. Sun also worked at Sinopec Yantai branch and served as the general manager of the office, where he was responsible for the retail business of more than 200 gas stations under Sinopec. While at Sinopec Yantai branch, he carried out extensive reform of the business model and compensation model of the Yantai branch and successfully boosted the revenue of gas stations.

Ms. Dingyan Sun is the director of our company. She is the sister of Mr. Dingxin Sun. Ms. Sun has 19 years of experience in accounting. Currently, she is serving as the director and cashier of Decent China, where she is responsible for handling and managing the day-to-day cash flow of the company, including tasks such as cash withdrawals, payments, deposits, and maintaining cash ledgers. Previously from December 2020 to November 2021, she served as the manager of Yantai Development Zone Xingshun Petroleum Co., Ltd. where she was responsible for the overall management of the company’s daily operations, including but not limited to gasoline and diesel fuel retailing, bulk customer delivery and financial accounting. From November 2004 to November 2020, she worked as the accountant of Yantai Development Zone Xingshun Petroleum Co., Ltd and was mainly responsible for the day-to-day operations of the gas station, including accounting documents, account statements, oil settlement, expense review and reimbursement, and other financial duties..

Haicheng Xu is our CEO. Since 2012, Mr. Xu has been working for Decent China as the general manager, responsible for all business docking, market development and sales. He is responsible for expanding the business scope and managing ongoing projects, selecting suppliers and implementing safety control. Prior to joining Decent China, Haicheng XU has held managerial positions at Yantai Huaqiao Hotel, Bohai Ferry Group Co., Ltd. and Yantai Dingxin Cargo Limited from 2000 to 2011, where he acquired industrial knowledge and substantial management experience.

Francis Zhang has been our CFO since September 2024. Mr. Zhang was the Chief Financial Officer and Director of Jiuzi Holdings Inc (Nasdaq: JZXN) from August 2020 to August 2024. Prior to joining Jiuzi Hoildings, Inc., from February 2019 to July 2020, he served as the Executive Director of Shanghai Qianzhe Consulting Co., Ltd, where he was mainly responsible for overseas M&A projects, and follow-on investments and management of newly formed financial holding groups. From June 2013 to January 2019, he served as the Deputy General Manager of Tebon Innovation Capital Co., Ltd, where he was responsible for business development and asset management. From May 2012 to May 2013, he was the Senior Manager of the Investment Department at Sanhua Holding Group, during which he was in charge of overseas M&A projects, new financial investments, and post-investment management. From May 2010 to May 2012, Mr. Zhang was the Investment & Asset Management Supervisor at China Calxon Group Co., Ltd.’s Capital Management Centre. He handled private placement of newly listed companies, took charge of other capital market financing access, and reviewed and appraised operating investment projects. From August 2006 to May 2010, he served as the Assistant Manager of the Investment Banking Department of KPMG Advisory (China) Limited, where he engaged in several auditing and financial advisory projects, which included public-listed companies and IPO projects.

Note: Net income and revenue are for the fiscal year that ended Oct. 31, 2023. (in U.S. dollars converted from China’s currency)

(Note: Decent Holding Inc. filed its F-1 on Oct. 4, 2024, and disclosed the terms for its IPO: 1.5 million shares at a price range of $4.00 to $4.50 to raise $6.38 million.)

Park Ha Biological Technology Co. Ltd. PHH Dawson James Securities/ D. Boral Capital (formerly EF Hutton), 1.2M Shares, $4.00-6.00, $6.0 mil, 1/6/2025 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 – to raise $6.0 million, if priced at the $5.00 mid-point of its new range, 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.)

Fitness Champs Holdings Ltd. FCHL Bancroft Capital LLC, 2.0M Shares, $4.00-5.00, $9.0 mil, 1/13/2025 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.)

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🏁 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

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🚽 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

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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 23, 2024) was also published on our website under the Newsletter category.

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