Emerging Market Links + The Week Ahead (December 9, 2024)
Romania the latest to cancel "democracy," Korea's martial law attempt, why Georgia chose Russia, Bangladesh sucked dry, Thai casino plans, EM stock picks and the week ahead for emerging markets.
This weekend, Romania followed Georgia and Moldova to became the latest country to run into problems (or rather afoul of Brussels/NATO/USA, etc.) when Romanians voted “incorrectly” in their Presidential elections and a court simply cancelled the runoff elections. As an alternative media source noted, its “democracy” once again cancelling “democracy” in order to “save democracy…”
Unlike with Georgia (which has three stocks listed in London noted in our stock index post here), I am not aware of any Romanian stocks with listings outside of Romania; but our Emerging & Eastern Europe Stock Index lists several on the Bucharest Stock Exchange (which might not be that accessible for the average foreign investor) and I know some of them are owned by foreign funds.
Meanwhile in Korea, it was politics as usual as martial law, Presidents going to jail for corruption, and political turmoil in general are a fact of life in Korean politics - as this tweet points out:
For investors, our growing Japan, Korea & Taiwan Stock Index post has 190 Korean stocks which, for the most part, should not be that impacted by the political noise albeit investing in Korea might scare off some foreign investors who are not so familiar with or are put off by Korea’s game of thrones style politics....
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇲🇾 Remembering the CLOB Stock Trading Fiasco + The Edge Billion Ringgit Club (BRC) 2024 Award Winners (Partially $)
Remembering Malaysia's CLOB stock trading fiasco that burned many Singaporean investors plus the Malaysian stock pick winners of The Edge Billion Ringgit Club 2024 Awards.
🌐 EM Fund Stock Picks & Country Commentaries (December 8 2024) (Partially $)
China bank recapitalization, surge in US$ convertible bonds by Chinese stocks, Capitec Bank, Botswana vs. lab diamonds, EM credit risks, the AI Maturity Matrix, 2024 year-end book recommendations, etc
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Link to an archived article
🇨🇳 How Is China Doing After the Stimulus? Reports from the Ground (The Great Wall Street - Investing in China)
NOTE: Covers 9 commonly held Chinese stocks…
A closer look at company statements, economic trends, and on-the-ground insights into the effectiveness of China’s recent stimulus measures.
At the end of September, the Chinese government started rolling out some stimulus programs. Initially, the market reacted strongly, but more recently, there has been huge disappointment among investors over the fiscal measures they released. Essentially, every 10 a.m. presser has led to a heavy drop in the Hong Kong and Mainland China stock exchanges.
I am not into technical analysis, but I coined a new term for this chart pattern: the “10 a.m. Presser.”
🇨🇳 In Depth: E-commerce platforms’ buyer-friendly policies leave door open for scammers (Caixin) $
As consumer demand plumbs the depths of a post-pandemic slump in China, the country’s e-commerce platforms are bending over backwards for customers. But what’s good for buyers has turned into a nightmare for sellers, as two major consumer-friendly policies have given rise to a swathe of scams that they are mostly powerless to combat.
Many of China’s online marketplaces, including Alibaba (NYSE: BABA)’s Taobao, JD.com (NASDAQ: JD) and PDD Holdings (NASDAQ: PDD) or Pinduoduo, have introduced versions of a “refund only” policy, which allows customers to be reimbursed for a purchase while keeping the goods, and a return shipping insurance perk. These are being gamed by fraudsters taking advantage of platforms’ skewed support for buyers.
🇨🇳 🇲🇽 How J&T Express disrupted ecommerce logistics in Mexico (Momentum Works)
7000 employees and 1300 service points
With the growth of SHEIN, Temu and ecommerce in general in Latin America, many Chinese ecommerce logistics companies expanded into the market to provide the delivery infrastructure. Mexico and Brazil are the two key markets where these logistics players are bringing significant change to the local ecosystem.
Last week, an interview with J&T Global Express Ltd (HKG: 1519 / SWB: J92)’s Deputy CEO for Mexico Ethen Huang was published by a Chinese media outlet. We have extracted some interesting bits of information from the article here – do note that we have not verified the information in the articles ourselves, and the opinions expressed there are not ours:
🇨🇳 Baidu Inc.: Generative AI & Search Transformation Driving Our Bullishness! - Major Drivers (Smartkarma) $
Baidu (NASDAQ: BIDU)'s third-quarter 2024 financial performance presents a complex picture, showcasing both opportunities and challenges that shape the company's investment thesis.
The company reported total revenues of RMB 33.6 billion, reflecting a 3% decline year-over-year.
However, Baidu Core's revenue remained stable at RMB 26.5 billion.
🇨🇳 Time for a shift: SenseTime formalizes pivot to generative AI (Bamboo Works)
The company, once a leader in traditional artificial intelligence with a focus on visual recognition, has formally restructured to focus on generative AI
SenseTime (HKG: 0020 / OTCMKTS: SNTMF) has completed its strategic restructuring that sets generative AI as a primary growth driver
The AI company is making the shift into an area with better mass market potential as it remains deeply in the red
🇨🇳 BYD (1211 HK): Quick Note – Preparing for Price War in 2025 (Smartkarma) $
🇨🇳 GM takes more than $5bn charge against China businesses (FT) $ 🗃️
Move lays bare slowdown in what was once the US carmaker’s largest market
🇨🇳 GAC Group sells stake in battery unit to charge up its profits (Caixin) $
Fierce competition in China’s auto market has prompted GAC Group [Guangzhou Automobile Group (HKG: 2238 / SHA: 601238 / FRA: 02G / OTCMKTS: GNZUF / GNZUY)] to transfer an 18.82% stake in its loss-making battery unit to its controlling shareholder GAC Industry Group for more than 1.3 billion yuan ($179 million), the company announced Tuesday. The move aims to improve the group’s profitability.
The transferred stake includes GAC Group’s entire 15.82% holdings in Guangzhou Greater Bay Technology Co. Ltd. and a 3% stake held by its wholly owned subsidiary GAC Capital Co. Ltd. Once the transfer is completed, GAC Group will retain an indirect 15.6% stake in the battery unit via GAC Capital but will no longer be a direct shareholder.
🇨🇳 2025 High Conviction: Short NIO (NIO US/9866 HK) (Smartkarma) $
NIO Inc (NYSE: NIO) is a Chinese premium electric vehicle manufacturer listed across three exchanges.
NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in 2026 is likely to be broken.
NIO’s valuation is stretched as it trades at a material premium to median Chinese EV peers’ EV/Sales and growth-adjusted EV/Sales multiples.
🇨🇳 VNET: A Leader in IDC Market, Transforming from a Traditional Operator to Wholesale Operator (Smartkarma) $
China’s carrier neutral data center service is growing rapidly, we believe VNET Group Inc (NASDAQ: VNET) is positioned to capture this growing market
We think VNET is the path of transforming itself from a traditional retail IDC operator to a wholesale IDC operator, which should give VNET a higher trading multiple
Valuation is not demanding, and we think VNET is currently undervalued by the market
🇨🇳 Gaotu Techedu: Profitability Has Reached Bottom, Maintain 'Buy' (Seeking Alpha) $ 🗃️
🇨🇳 Gaotu Techedu Inc (NYSE: GOTU) - Technology-driven education company & online large-class tutoring service provider. 🇼
🇨🇳 iQIYI Inc.: The Mini & Short Dramas Integration & Other Major Drivers (Smartkarma) $
iQIYI (NASDAQ: IQ) recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its current business trajectory.
This analysis aims to distill the substantial information provided during the earnings call and form an even-handed view on iQIYI's performance and future prospects.
iQIYI remains a significant player in the long-form video sector in China, holding a competitive edge in the drama and film categories.
🇨🇳 Xuanzhu Biopharm set for spin-off in Hong Kong IPO (Bamboo Works)
The cash-strapped company has launched a drug to treat duodenal ulcers and is seeking approval for other products, but is up against a host of competing medicines
Xuanzhu Biopharm is suffering severe cash-flow problems due to limited drug revenues
Its parent company, Sihuan Pharmaceutical Holdings Group Ltd (HKG: 0460 / FRA: TEL1 / OTCMKTS: SHPHF), is also battling financial pressures and has been stuck in the red since 2022
🇨🇳 Futu layoffs signal new phase of consolidation after rapid expansion (Bamboo Works)
The company reportedly laid off about 200 people at its main base in Shenzhen, as it prepares to be ‘relatively disciplined’ in 2025
[Digitized brokerage and wealth management platform in China, Hong Kong, USA, etc] Futu Holdings Ltd (NASDAQ: FUTU) has laid off about 200 people, or 6% of its workforce, mostly from its product and R&D departments, according to a media report
After a period of rapid expansion into seven markets outside its original Mainland China base, the company said it has no plans to enter additional markets next year
🇨🇳 Noah’s development arc takes overseas turn as life at home only gets tougher (Bamboo Works)
The asset management firm’s overseas revenue growth partially offset a decline in its core domestic business in the third quarter
Noah Holdings Limited (NYSE: NOAH / HKEX: 6686)’s overseas revenue grew 29% year-on-year in the third quarter, while its domestic revenue dropped 33%
The asset management company is stepping up its overseas expansion as China’s economic slowdown persists, weighing on investor demand for its services
🇨🇳 Weak China market, potential Trump tariffs leave Man Wah sitting uncomfortably (Bamboo Works)
The sofa maker has yet to catch a major cold from China’s property market slowdown, reporting its profit rose slightly in the first half of its current fiscal year
Man Wah Holdings Ltd (HKG: 1999 / FRA: AAM / OTCMKTS: MAWHF / MAWHY) reported its revenue from China fell in the first half of its current financial year, but that was partly offset by strong performance overseas
Despite reporting profit growth, the sofa maker has little room left for additional gross margin expansion, and could be vulnerable to future U.S. tariffs under Donald Trump
🇨🇳 Super Hi’s new chief chef brings China hotpots to the world (Bamboo Works)
The global arm of hotpot giant Haidilao posted double-digit revenue growth and its second quarterly profit in the three months to September under new CEO Yang Lijuan
Super Hi International Holding (HKG: 9658 / NASDAQ: HDL / OTCMKTS: SPHIF)’s third-quarter revenue rose 14.6%, as it swung to the black during the period, reversing a year-ago loss
The company’s shares rose 24% in Hong Kong and 21% in New York after the release of its latest results
🇨🇳 Nongfu Spring founder casts spotlight on destructive price wars plaguing China (Bamboo Works)
Billionaire Zhong Shanshan blamed low-cost e-commerce platform Pinduoduo, as well as short-video site Douyin, for the cutthroat competition
Nongfu Spring (HKG: 9633 / OTCMKTS: NNFSF) has criticized China’s cutthroat price wars, even as its own aggressive pricing strategy undermines its critique
Revenue for the company’s core packaged water business fell 18.3% in the first half of 2024 as it suffered from a series of public relations setbacks
🇨🇳 Miniso Group Q3: Fantastic Overseas Growth, But Next Year Is In Question (Seeking Alpha) $ 🗃️ (?)
🌐 MINISO Group Holding (NYSE: MNSO) - Lifestyle products retailer who copied Japanese retail chains or brands Uniqlo, Muji & Daiso. 🇼 🏷️
🇨🇳 Bosideng chases Canada Goose with flight to high-end (Bamboo Works)
The outerwear maker has weathered the slow summer season, reporting double-digit revenue and profit growth for the six months through September
Bosideng International Holdings (HKG: 3998 / FRA: 3BD / OTCMKTS: BSDGY / BSDGF)’s profit grew over 20% during the six months to September, while its revenue rose 17.8%
Despite the solid results, the outerwear maker’s inventory and accounts receivable also rose sharply during the period
🇨🇳 H World Group: Demand And Supply Environment Remains Very Attractive (Seeking Alpha) $ 🗃️
🌐 H World Group (NASDAQ: HTHT) - Leased & owned, manachised & franchised hotel models. Chairman was a co-founder of Trip.com (NASDAQ: TCOM). 🇼 🏷️
🇭🇰 The Hongkong & Shanghai Hotels (45 HK) (Asian Century Stocks)
Owner of trophy assets at 0.28x book
Hongkong and Shanghai Hotels Ltd (HKG: 0045 / FRA: HSG / OTCMKTS: HKSHF) — US$1.3 billion) is a family-controlled hospitality company with a rich history.
Today, the company owns and operates hotels under the “The Peninsula” brand name. They’re widely seen as some of the best in the world.
The stock trades at 0.28x book value. Which begs the questions: is the book value real, and can value be unlocked?
🇭🇰 Tsui Wah goes to college as consumers dine out less (Bamboo Works)
The restaurant operator is looking for new business on university campuses amid persistent weakness in its two main markets in Hong Kong and Mainland China
Tsui Wah Holdings Ltd (HKG: 1314)’s revenue from the Chinese Mainland declined 15.3% year-on-year to HK$190 million in the first half of its fiscal year through September
The Cantonese restaurant operator plans to open a store at Shanghai’s Fudan University, marking its first venture into the campus dining market
🇭🇰 Luk Fook: Harvesting My Losses (Rating Downgrade) (Seeking Alpha) $ 🗃️
🌏 Luk Fook Holdings (International) (HKG: 0590 / FRA: LUY1 / OTCMKTS: LKFLF) 🇧🇲 - Sourcing, designing, wholesaling, trademark licensing & retailing of gold, platinum & gem-set jewellery. 🇼
🇭🇰 Vitasoy International: Turning Bullish On Margin Expansion And Shareholder Stake Increase (Seeking Alpha) $ 🗃️
🌐 Vitasoy International Holdings Ltd (HKG: 0345 / OTCMKTS: VTSYF) 🇭🇰 - Plant-based soyabean range products. 🇼
🇭🇰 Singapore business dynasty has Vitasoy in its sights (Bamboo Works)
The Hong Kong beverage brand has been recovering from a sales slump in mainland China, but its founding family could now face a takeover challenge
Vitasoy International Holdings Ltd (HKG: 0345 / OTCMKTS: VTSYF)’s profits rose 5% in the first half of the year to HK$170 million while operating profit on the Chinese mainland jumped 15%
The company’s share price has more than doubled in two months as Singapore’s Ng family increased its stake, fueling talk of a takeover bid
🇲🇴 Goldstein sells US$3.2mln worth of Las Vegas Sands stock (GGRAsia)
Rob Goldstein (pictured), chairman and chief executive of casino operator Las Vegas Sands Corp, has disposed of 60,187 shares in the company, at US$53.02 per share.
The shares – held indirectly via the Robert and Sheryl Goldstein Trust – were sold on November 29, at an aggregate price of nearly US$3.2 million, according to a Tuesday filing.
Las Vegas Sands (NYSE: LVS) is the parent of Macau casino operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF). A unit of the group also promotes the Marina Bay Sands casino resort in Singapore.
🇹🇼 Himax Technologies: Current Headwinds Hide A Bright Future (Seeking Alpha) $ 🗃️ (?)
🌐 Himax Technologies (NASDAQ: HIMX) 🇰🇾 - Fabless semiconductor company providing display imaging processing technologies. 🇼
🇰🇷 An Early Look at Potential Additions and Deletions to KOSPI200 in June 2025 (Douglas Research Insights) $
In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2025.
These seven potential inclusion candidates are up on average 8.9% from end of Sept 2024 to 2 December 2024 versus KOSPI which is down 5.4% in the same period.
The potential additions include IPOs in 2024 such as HD Hyundai Marine Solution (KRX: 443060), Shift Up Corp (KRX: 462870), and Sanil Electric Co Ltd (KRX: 062040).
🇰🇷 KB Financial: Buying Korea's Dip Through Its Largest Bank (Seeking Alpha) $ 🗃️
🌏 KB Financial Group (NYSE: KB) - Financial holding company. Banking, credit card, financial investment, insurance business etc. 🇼 🏷️
🇰🇷 Flow Trading Setup Triggered by Korea Zinc’s 21%p Float Rate Cut in KOSPI 200 (Smartkarma) $
Korea Zinc (KRX: 010130)'s free float is dropping from 52% to 31%, a 21%p cut.
Despite rising volume, retail still dominates. With this trend continuing, the 80,000-share sell volume is unlikely to get buried without triggering noticeable price moves.
Ahead of big one-day flow events, shorts are loaded, causing a dip. On rebalance day, traders buy back, triggering a bounce. This event is likely to follow the same pattern.
🇰🇷 A Comparison of Korea Zinc's M&A in 2024 Vs SM Entertainment's M&A in 2023 in the 9th Inning (Douglas Research Insights) $
The EGM for Korea Zinc (KRX: 010130) is expected to be held on 23 January 2025. Accordingly, the shareholder registry is expected to be closed around 19 - 23 December.
By better analyzing the timeline of the M&A of SM Entertainment Co Ltd (KOSDAQ: 041510), we may be able to get better clues to Korea Zinc's price movement in the next several weeks.
Notice the double top share price formation of SM Entertainment in 2023 versus the potential double top formation of Korea Zinc in 2024. These trading formations look eerily similar.
🇰🇷 Ecopro BM (247540 KS): Index Implications as KOSPI Transfer Nears (Smartkarma) $
Eight months after shareholders approved the transfer from the KOSDAQ to the KOSPI market, Ecopro BM Co Ltd (KOSDAQ: 247540) has submitted the application for section transfer to the KRX.
Given historical precedent, the transfer could take place in February. Ecopro BM's deletion will mean an inclusion to the KOSDAQ150 Index to maintain the number of index constituents at 150.
Ecopro BM (247540 KS) will be deleted from the KOSDAQ 150 Index leading to passive selling and some short covering. Then will come the inclusion to the KOSPI 200 Index.
🇰🇷 MNC Solution IPO Book Building Results Analysis (Douglas Research Insights) $
[Hydraulic parts for construction machinery] MNC Solution reported its IPO book building results. The IPO price has been determined at 65,000 won, which is 18.8% lower than the low end of the IPO price range.
A total of 198 institutional investors participated in the IPO demand forecast. The competition rate was low at 8.2 to 1.
Our base case valuation of MNC Solution is target price of 92,842 won per share, which is 43% higher than the IPO price of 65,000 won.
🇰🇷 LG CNS IPO Preview (Douglas Research Insights) $
The long awaited IPO of LG CNS is finally getting ready to be completed in February 2025. The IPO price range is 53,700 won to 61,900 won.
Expected market cap is between 5.2 trillion won to 6.0 trillion won. At the high end of the IPO price range, the total IPO offering would involve 1.2 trillion won.
The bankers used three companies including Samsung SDS (KRX: 018260), Hyundai AutoEver (KRX: 307950), and NTT Data Group Corp (TYO: 9613 / FRA: NT5 / OTCMKTS: NTTDF) as comps. This is expected to be one of the largest IPOs in Korea in 2025.
🇮🇩 Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ) (Smartkarma) $
Home improvements player PT Daya Intiguna Yasa (Mr DIY Indonesia) completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m.
Mr DIY has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable.
Mr DIY has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer Aspirasi Hidup Indonesia (IDX: ACES / FRA: 4AH1 / OTCMKTS: ACEHF) as a proxy for this space.
🇵🇭 Robinsons Land: Undervalued To The Point You Are Just Paying For Its Land (Seeking Alpha) $ 🗃️
🇵🇭 Robinsons Land (PSE: RLC / OTCMKTS: RBLAY / RBLAF) - Philippines’ largest office landlord + lifestyle shopping malls, subdivisions, condo, hotels, etc. Subs. of JG Summit Holdings (PSE: JGS / OTCMKTS: JGSHF / JGSMY). 🇼
🇲🇾 Genting Malaysia dropped from FTSE Bursa Malaysia KLCI (GGRAsia)
Global casino operator Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) and its parent Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) have been removed from the 30-stock FTSE Bursa Malaysia’s Kuala Lumpur Composite Index (KLCI), according to a Thursday announcement.
The latest semi-annual review of the KLCI was based on the companies’ market capitalisation data at the close of trading on November 25.
The FTSE Bursa Malaysia KLCI comprises the largest 30 companies listed on the bourse’s main board by full market capitalisation.
“All constituent changes take effect on Monday, 23 December 2024. The next review will take place in June 2025,” said the joint announcement by Bursa Malaysia and its index partner, FTSE International Ltd, trading as FTSE Russell.
The share prices of both companies reached their lowest levels this week since November 2020, according to data from the Malaysian bourse. Year-to-date, the share prices of both companies have declined by more than 21 percent.
Replacing the two Genting group-linked stocks in the index are engineering company Gamuda Bhd (KLSE: GAMUDA) and retailer 99 Speed Mart Retail Holdings Bhd (KLSE: 99SMART).
🇸🇬 🇨🇳 China Yuchai International: Share Price Sits At A Good Entry Point (Seeking Alpha) $ 🗃️
🇸🇬 🇨🇳 China Yuchai International: Significant R&D Focus And Rising Exposure To ESG Trend, Yet Undervalued (Seeking Alpha) $ 🗃️
🌏 China Yuchai International Limited (NYSE: CYD) 🇧🇲 - Diesel & natural gas engines for trucks, buses & passenger vehicles, marine, industrial, construction, agriculture & generator set applications. Subs. of Singapore-based Hong Leong Asia Ltd (SGX: H22 / FRA: HOM). 🇼
🇸🇬 Year-in-Review: The 5 Best-Performing Stocks of 2024 (The Smart Investor)
We round up five of the best-performing stocks for 2024 and review their latest earnings and prospects.
Note: Share price data as of 29 November 2024.
Centurion Corporation Ltd (SGX: OU8) owns, develops, and manages purpose-built worker accommodation assets (PBWA) in Singapore, Malaysia, and China.
Grand Banks Yachts (SGX: G50), or GBY, is a manufacturer of recreational motor yachts under the Grand Banks, Eastbay, and Palm Beach brands.
Sim Leisure Group (SGX: URR), or SLG, is a designer, developer, and operator of theme parks.
Riverstone Holdings (SGX: AP4) manufactures nitrile and natural rubber cleanroom gloves for highly-controlled environments as well as premium nitrile gloves for the healthcare sector.
Azeus Systems Holdings (SGX: BBW) sells software products and services and is well-known for its Convene product which is a leading paperless meeting solution.
🇸🇬 4 Compelling Singapore Stocks That Could Ride the AI Wave to Greater Prosperity (The Smart Investor)
Looking to ride the AI wave through the Singapore stock market? Here are four stocks that can allow you to do so.
AEM Holdings (SGX: AWX) provides comprehensive semiconductor and electronic test solutions and has a global presence across Asia, Europe, and the US.
UMS Integration Ltd (SGX: 558) provides equipment manufacturing and engineering services to original equipment manufacturers of semiconductors and related products.
Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF), or MMH, is a supplier of high precision tools and parts for process-critical applications in the wafer fabrication and assembly processes of the semiconductor industry.
Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) is a provider of technology products, services, and solutions.
🇸🇬 4 Singapore Companies Reporting Encouraging Business Developments: Are They a Buy? (The Smart Investor)
With business expansion initiatives announced, should these four Singapore companies feature on your buy watchlist?
Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF), or BSL, is a conglomerate with four distinct divisions – energy engineering, real estate solutions, geospatial, and healthcare.
Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or SCI, is an energy and urban solutions provider.
Grand Banks Yachts (SGX: G50), or GBY, is a manufacturer of luxury recreational motor yachts.
Ireit Global (SGX: UD1U) invests in a portfolio of income-producing properties in Europe and its portfolio comprises five freehold office properties in Germany, four freehold office properties in Spain, and 44 retail properties in France.
🇹🇭 Delta Electronics: Spotlight On EV And AI Segments (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇹🇭 Delta Electronics Thailand (BKK: DELTA / SGX: TDED) - Power & thermal management solutions & electronic component manufacturing. Subs. of Delta Electronics Taiwan (TPE: 2308). 🇼
🇮🇳 Quiddity Leaderboard NIFTY Mar 25: Inflows for Zomato and Jiofin in Dec 24 and Mar 25 (Smartkarma) $
NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.
Zomato Limited (NSE: ZOMATO / BSE: ZOMATO) and Jio Financial Services (NSE: JIOFIN / BOM: 543940) could see index inflows during the December 2024 rebalance and March 2025 rebalance.
🇮🇳 The Beat Ideas: Rain Industries Ltd Analysis, A Cycle Play (Smartkarma) $
[Carbon, advanced materials, and cement products] Rain Industries Ltd (NSE: RAIN / BOM: 500339) is the largest player of CTP and 2nd largest player of CPC in the world delivering loss due to downcycle in industry.
CAQM enabled the import of GPC and CPC improved the pricing and demand further and also has created an opportunity for Rain Industries to ramp up its SEZ plant.
Rain Industries is pivoting to future-ready sectors like EVs and batteries while addressing cyclical challenges. Focused debt reduction and strategic investments enhance its long-term growth potential despite near-term pressures.
🇮🇳 Riding the Derivatives Wave: Can BSE Seize the Opportunity Presented by SEBI's Circular? (Smartkarma) $
Implementation of SEBI's new F&O circular to remove weekly option contracts, is expected to significantly impact BSE Ltd (NSE: BSE)'s market share in derivatives.
The new F&O circular is anticipated to considerably affect BSE's topline and bottom line. Management believes the initiatives will ultimately enhance market efficiency and benefit investors.
With removal of weekly contracts, it is expected that volumes will increase in existing contracts, which will benefit more to BSE vs NSE.
🇮🇳 Supreme Industries Ltd - Strong H2 to Drive Growth; Maintain Buy (Smartkarma) $
Supreme Industries Ltd (NSE: SUPREMEIND / BOM: 509930)
Q2FY2025 earnings were hit by the sharp fall in PVC prices, weak infrastructure demand and extended monsoons.
However, stabilization of PVC prices at lower levels, expected pick-up in housing, agriculture and infrastructure demand is expected to result in strong H2 performance.
The management has guided for overall volume growth of 14-15% y-o-y and plastic piping volume growth of 16-18% y-o-y in FY2025. Consolidated OPM guidance is of 14.5-15.25%.
🇮🇳 Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In (Smartkarma) $
In 2QFY25, Swiggy Ltd (NSE: SWIGGY / BOM: 544285) witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)
The company reported a healthy 4.8/18.3% QoQ growth in MTUs in FD & QC to 14.7/6.2mn respectively (HSIE: 14.8/6mn)
Overall, B2C GoV grew ~30/11% YoY/QoQ respectively
🇮🇳 Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang (Smartkarma) $
Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
In this note, we talk about the not-so-good aspects of the deal.
🇦🇪 Yalla Group: Poised For A Breakthrough With Strong Fundamentals (Seeking Alpha) $ 🗃️
🌍 Yalla Group (NYSE: YALA) - Online social networking & gaming. Voice-centric group chat platform (Yalla) & casual gaming application (Yalla Ludo).
🇿🇦 Sibanye Stillwater: Still Bullish Going Into 2025 (Seeking Alpha) $ 🗃️
🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️
🇿🇦 Standard Bank navigates mixed fortunes amidst strong rand (IOL)
Standard Bank (JSE: SBK / SBPP / SBKP / FRA: SKC2 / OTCMKTS: SGBLY), Africa’s biggest bank by assets, both benefited and lost out because of the rand’s strength, especially in the four months to October, it said in a voluntary trading update covering the 10 months to October it issued yesterday.
The bank, which expects to publish full-year results in March 2025, yesterday said that currency “devaluations in various countries in which the group operates on the African continent, together with, more recently, the stronger rand, continued to dilute the group’s performance in rand”.
Previously, Standard Bank’s view was this this trend would moderate in the second half of the year. So far, with two months left to include in its reporting for the year, this has not been the case.
🇿🇦 South African REITs are thriving in a changing economic landscape (IOL)
South African REITS are on a strong growth trajectory heading into 2025 due to rising demand and increased market activity, alongside declining interest rates.
The favourable prospects have also been acknowledged by investors on the JSE, as REIT prices made a strong recovery in October 2024 and have outpaced other asset classes, delivering a 34% return year-to-date. In comparison, the broader equity market has returned 15.9%, while South African bonds have gained 16.7%.
Super Group’s share price ramped up 19.6% to R33.14 yesterday after it announced a plan to pay a special dividend of around R16.30 per share, should the R7.53 billion sale of its stake in Australia-based SG Fleet Group go ahead.
With SG Fleet comprising about half of Super Group’s earnings, Urquhart Investments (@UrquhartPartner) commented yesterday on “X”: “Few management teams would consider shrinking their empire dramatically, even if it is in shareholders’ best interests, but this might be the case here.”
🇿🇦 Tiger Brands reports strong annuals as CEO promises to restore the company’s ‘roar’ (IOL)
Tiger Brands (JSE: TBS / FRA: UG5 / UG5A / OTCMKTS: TBLMY / TBLMF)’ shares shot up nearly 5% yesterday as it reported full-year results that, as CEO Tjaart Kruger said, “restored the roar” to the company after it reported revenue up 1% to R37.4 billion, headline earnings per share of R1.81 and a final dividend payout of R1.034 for the year to September.
Speaking with Business Report, Kruger said, “What we set out doing a year ago is we said we must make Tiger a productive, low-cost produce of food.”
Shaun Chauke, a senior equity research analyst at Nedbank Commercial Banking, said, “Tiger Brands is simply on a winning streak: an overall good set of results with the business gaining momentum on its strategy. We believe that the Tiger is now out of the kitchen and getting ready for the jungle given that some of its wounds have recovered while in the kitchen.”
🇵🇱 CD Projekt: Reclaiming Its Reputation (Seeking Alpha) $ 🗃️
🇵🇱 CD Projekt SA (WSE: CDR / FRA: 7CD / 7CD0 / OTCMKTS: OTGLY / OTGLF) - Development of videogames & global digital distribution. 🇼 🏷️
🌎 Corporación América Airports S.A: A Top Quality Company (Seeking Alpha) $ 🗃️
🌐 Corporación América Airports (NYSE: CAAP) - Leading private airport operator in the world. Operating 53 airports in 6 countries (Argentina, Brazil, Uruguay, Ecuador, Armenia & Italy). 🏷️
🌎 Adecoagro Waits For A Better 2024/25 Harvest. Still A Hold (Seeking Alpha) $ 🗃️ (?)
🇦🇷 🇧🇷 🇺🇾 Adecoagro Sa (NYSE: AGRO) - Luxembourg HQ’s agro industrial company that produces & manufactures food & renewable energy. 3 segments: Farming; Sugar, Ethanol & Energy; & Land Transformation. 🏷️
🌎 Arcos Dorados Costs Are Delevering, Not A Great Sign, Maintain Hold (Seeking Alpha) $ 🗃️
🌎 Arcos Dorados Holdings Inc (NYSE: ARCO) - World’s largest independent McDonald’s franchisee. Exclusive right to own, operate & grant franchises of McDonald’s restaurants in 20 Latin American & Caribbean countries & territories. 🇼 🏷️
🇧🇷 Itaú Unibanco: Strong Fundamentals In Brazil's Economic Rollercoaster (Seeking Alpha) $ 🗃️
🌐 Itau Unibanco (NYSE: ITUB / BVMF: ITUB3 / ITUB4) - Largest banking institution in Brazil + Latin America. 🇼 🏷️
🇧🇷 Quick Dive: Nu Holdings (Sabar Capital)
Revolutionizing Banking Through Customer Obsession and Technological Innovation
Nu Holdings (NYSE: NU) has a promising business model in the flywheel they have created. It borrows from Costco and Amazon’s model of passing efficiency gains back to the customer, which is undoubtedly strong. In our view, Nu’s long-term success would largely depend on management’s ability to continue its innovative culture; maintain the discipline of passing gains to the customer; and continue to execute with its long-term vision. Since it’s IPO in 2021, Nu has already shown early signs of a long-term compounder in the making.
🇧🇷 Despite BRF's Record Margins, Price Data From Brazil Points Toward A Cycle Reversal (Seeking Alpha) $ 🗃️
🇧🇷 BRF Brasil Foods SA (NYSE: BRFS / BVMF: BRFS3) - Brazilian food processing company with 30+ brands in its portfolio. 🇼 🏷️
🇧🇷 BrasilAgro Is Cheaper After Q1 2025, But Still Not An Opportunity (Seeking Alpha) $ 🗃️
🇧🇷 Brasilagro - Co Brasileira De Proprieda (NYSE: LND / BVMF: AGRO3 / FRA: 52BA) - One of Brazil’s largest companies in terms of arable land. Acquisition, development, operation & sale of rural properties suitable for agricultural activities. IRSA (NYSE: IRS) has a stake. 🏷️
🇧🇷 Petrobras: There's Still Time To Buy This On The Cheap (Seeking Alpha) $ 🗃️
🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼
🇧🇷 Embraer: I Buy When You Sell On Strong Growth Drivers (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. 🇼 🏷️
🇧🇷 Azul: I Was Wrong, From Strong Buy To Sell (Rating Downgrade) (Seeking Alpha) $ 🗃️
🇧🇷 Vinci/Compass Merger: Information Missing, Remains A Cautious Buy (Seeking Alpha) $ 🗃️
🇧🇷 Vinci Partners Investments Ltd (NASDAQ: VINP) - Alternative investments platform. Specialized asset management, wealth management & financial advisory services to retail + institutional clients in Brazil. 🏷️
Compass Group (Chile based)
🇧🇷 Sabesp Q3: Good Result, But Macro Scenario Continues To Leave Me Skeptical (Seeking Alpha) $ 🗃️
🇧🇷🏛️👼🏻 Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF: SBSP3) - Water & sewage service provider in São Paulo State. 🇼
🇲🇽 Grupo Aeroportuario del Pacifico: I'm Expecting A Tremendous 2025 (Seeking Alpha) $ 🗃️
🇲🇽 Grupo Aeroportuario del Pacífico or GAP (NYSE: PAC / BMV: GAPB) - Operates 12 airports in the Pacific region of Mexico. 🇼 🏷️
🇲🇽 FEMSA Looks Like A Terrific Contrarian Pick In Times Of Fear For Mexico (Seeking Alpha) $ 🗃️
🌎 Coca-Cola Femsa SAB de CV (NYSE: KOF) - Largest franchise bottler of Coca-Cola products in the world by volume. 🇼 🏷️
🇵🇦 Copa Holdings: The Most Undervalued Airline Stock To Buy (Seeking Alpha) $ 🗃️
🌎 Copa Holdings (NYSE: CPA) - Leading Latin American provider of airline passenger & cargo service through Copa Airlines & AeroRepública. 🇼 🏷️
🇺🇾 🇻🇬 Satellogic: Little News, Stock Surge Makes Little To No Sense (Seeking Alpha) $ 🗃️
🌐 Satellogic (NASDAQ: SATL) - Integrated geospatial company. Building a satellite constellation as a scalable Earth observation platform. 🇼
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Link to an archived article
🌏 Money market funds, good bet under Trump 2.0 (The Asset) 🗃️
Amid uncertainty, volatility, asset class offers high liquidity, stability for Asian investors
🇨🇳 🇲🇽 China’s Saudi bond sale hints at ongoing de-dollarization push (Pyramids and Pagodas) $
Deepening bilateral financial ties could signal a fundamental shift in global trade as Beijing lays the ground for challenging dollar dominance
In a significant move reflecting the evolving financial ties between China and Saudi Arabia, over the past month, media sources have reported that China has chosen Riyadh as the venue for its first U.S. dollar-denominated sovereign bond sale in three years, valued at USD 2 billion. This strategic decision underscores a deeper financial collaboration between the two nations, and a notable early step in a wider trend of de-dollarization.
Looking beyond the bond sale, a broadening of bilateral investment flows may signpost a more significant shift in how Beijing and Riyadh conduct trade. We explain how increased transaction volumes could pave the way for more CNY-denominated trade, and uncover how China plans to lend credibility to an internationalized Yuan. We wrap up by showcasing how we are capitalizing on the shifting macro landscape with a straightforward play.
🇨🇳 Rise in Foreign Investors’ Holdings of Chinese Stocks Was Likely Modest, Fragile, Analysts Say (Caixin) $
While foreign holdings of Chinese stocks likely expanded in the third quarter, when Beijing made efforts to stimulate the economy, the expansion may have been modest and the prospect for further increases is unclear amid policy and geopolitical uncertainties, according to analysts.
The value of Chinese stocks held by foreign-owned asset management institutions amounted to $776.1 billion at the end of the third quarter, up 24.3% from a quarter earlier, according to a Nov. 25 report published by investment bank China International Capital Corp. Ltd. (CICC).
🇨🇳 In Depth: Amid China’s EV Boom, Conventional Carmakers Cry Foul (Caixin) $
As government support has been pivotal in the meteoric rise of new-energy vehicles (NEVs) in China, some traditional carmakers are complaining that they aren’t competing on a level playing field with their NEV counterparts.
The country’s passenger car industry saw a milestone in July. About 51% of the vehicles sold that month were pure electric cars and plug-in hybrids, which come under the NEV category. That marked the first month ever that NEVs outsold traditional vehicles, according to data from the China Passenger Car Association (CPCA).
🇨🇳 China Discovers World's Largest Gold Deposit Worth $83 Billion (Zerohedge)
As LiveScience reports, the new deposit was uncovered at the Wangu gold field in the northeast of Hunan province, representatives from the Geological Bureau of Hunan Province (GBHP) told Chinese state media on Nov. 20. Workers detected more than 40 gold veins, which contained around 330 tons (300 metric tons) of gold down to a depth of 6,600 feet (2,000 meters). However, using 3D computer models, mining experts have predicted that there could be up to 1,100 tons (1,000 metric tons) of gold — roughly eight times heavier than the Statute of Liberty — hidden at depths of up to 9,800 feet (3,000 m).
The new gold deposit could help alleviate this issue but will not solve the problem completely. Based on current consumption rates, the entire deposit would only supply the country's needs for around 1.4 years.
🇰🇷 ‘Revenge cycle’: South Korean crisis highlights deep political divide (FT) $ 🗃️
Dramatic attempt to impose martial law exposes vulnerabilities in highly polarised democracy
🇰🇷 The historical traumas driving South Korea’s political turmoil (FT) $ 🗃️
President Yoon Suk Yeol’s surprise martial law declaration prompted a swift response from protesters schooled in previous fights over democracy
🇰🇷 A Review of Tender Offers in Korea in 2024 (Douglas Research Insights) $
In this insight, we review the major tender offers of Korean companies in 2024. The tender offers have mostly been profitable for the investors in these targeted companies.
What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week and month.
The number of tender offers in Korea increased from 6 in 2020 to 12 in 2021, 7 in 2022, 18 in 2023, and 28 in 2024.
🇰🇷 What Is the Real Purpose of President Yoon's Martial Law - To Reveal Election Fraud? (Douglas Research Insights) $
One of the most important questions about the martial law three days ago is why did President Yoon send special forces (297) to the National Election Commission?
President Yoon may have ordered troops to be deployed to the NEC to get to the bottom of the election fraud since all the important election servers are stored there.
It is EXTREMELY DIFFICULT to prove an election fraud. Even if President Yoon declares a war on election frauds, he must have extraordinary pieces of data to back this up.
🇰🇷 South Korean Parliament Lifts Martial Law Declared by the President Yoon (Douglas Research Insights) $
Late Tuesday on 3 December, South Korean President Yoon Suk-Yeol declared a martial law. Several hours afterwards, the South Korean Parliament voted to lift President Yoon's martial law order.
By drawing so much attention to the "dangers of the communist party from within Korea and outside," President Yoon is trying to align himself closer to President Trump.
In the near term, the impact on the Korean stock market of the declaration and lifting of martial law is likely to be negative.
🇰🇷 South Korea’s political shock will reverberate for markets (FT) $ 🗃️
Local stocks will have to price in a higher political risk premium to keep investors onboard
🇰🇷 Potential Impeachment of President Yoon Suk-Yeol and Impact on the Korean Financial Markets (Douglas Research Insights) $
In this insight, we discuss the potential impeachment of the South Korean President Yoon Suk-Yeol and the implications on the Korean financial markets.
We would put a 50-60% probability that there is more than 200 votes to impeach the South Korean President Yoon Suk-Yeol right now by the members of the Parliament.
We would attach about 30-40% probability that at least six justices of the Constitutional Court vote in favor of impeaching President Yoon.
🇵🇭 Philippines may add more than four digital banks (The Asset) 🗃️
Central bank looking for ‘good value propositions’, ‘unique products, service offerings’
The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has indicated that it is open to granting more than four new fully digital bank licences in 2025.
🇹🇭 Thai casinos minimum US$10bln GGR market yearly: panel (GGRAsia)
A market of casino resorts in Thailand could generate US$15 billion in annual gross gaming revenue (GGR) “once ramped up”, said Jeffrey Kiang (pictured, left), an analyst at brokerage CLSA Ltd.
He was speaking on Tuesday on the first day of the Thai Entertainment Complex Summit in the country’s capital, Bangkok. The possibility of a five-resort market has been mentioned in Thai media reports.
In July, the brokerage had mentioned the possibility of a Thai market generating US$8.5 billion annually.
🇹🇭 Thais can’t build casino biz on China consumers: experts (GGRAsia)
Mainland China consumers are likely to be important clients for a Thai casino industry, but recent regional experience shows that Thailand should not build such a sector around them.
Risk factors included China’s ongoing campaign against its citizens going overseas to gamble, and the state of diplomatic relations between countries across the region.
That was one of the topics covered in a panel session at the Thai Entertainment Complex Summit in the Thai capital, Bangkok, discussing the potential for that country if it legalises casino business.
🇧🇩 How a Country’s Economy Was Siphoned Dry (NY Times) 🗃️
Bangladesh’s currency was battered by what the new head of the central bank says was the looting of the banks under the deposed prime minister.
Other economists guess that the true value looted during Ms. Hasina’s rule, before she fled the country, could exceed $30 billion. But no one can say for sure. Using a web of financial schemes, Mr. Mansur said, the perpetrators in the government and at some of the country’s biggest companies pulled off what was effectively the largest bank heist in the history of money. And they did incalculable damage to Bangladesh’s economy.
🇬🇪 Here’s why Georgia chose Russia over the EU (REMIX)
Russia has become a more important market for Georgia than the EU, and a place where Russian tourists spend their money. The economic choice for Georgia is quite obvious at the moment.
Even neighboring countries are now larger recipients of Georgian goods than the EU: Azerbaijan ($759 million for the 12 months to October) and Armenia ($641 million). Georgia exports slightly less to Turkey ($475 million). The country’s economic interests are closely linked to the nearby geographical region, not the more distant EU.
At the same time, Georgia’s most important export is not the famous Georgian wines, but transport equipment.
The largest transport equipment company in Georgia is the Kutaisi-based KAZ truck manufacturer, part of the Georgian Industrial Group holding. This company was founded and is currently headed by David Bezhuashvili (30 percent of shares), a Georgian parliamentarian until 2016, whose brother Gela was even the country’s foreign minister.
🇷🇴 Romanian Court Annuls Vote, Declares Presidential Election Do-Over, After 'Far Right, Pro Russian' Candidate On Top (Zero Hedge)
Something unprecedented just happened in the NATO and EU member country of Romania - a top court on Friday annulled the first round of the country's presidential election. Essentially there will now be a 'do over' election.
The Constitutional Court made the decision even as voting is still underway in the diaspora. "The electoral process for the election of the President of Romania will be resumed in its entirety, with the Government required to set a new date for the election of the President of Romania as well as a new calendar program for carrying out the necessary actions," the court said in a statement
🌎 Incumbent parties win big or they don’t win at all (Latin America Risk Report)
Latin American presidents will now follow the advice of the bad coach in the Mighty Ducks movie: "It's not worth winning if you can't win big."
🌐 Visualizing 30 Years of Global Equity Returns by Region (Visual Capitalist)
📅 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 SenateDec 1, 2024 (t) Confirmed Dec 6, 2020RomaniaRomanian Chamber of DeputiesDec 1, 2024 (t) Confirmed Dec 6, 2020GhanaGhanaian PresidencyDec 7, 2024 (t) Confirmed Dec 7, 2020GhanaGhanaian ParliamentDec 7, 2024 (t) Confirmed Dec 7, 2020RomaniaRomanian PresidencyDec 8, 2024 (d) Cancelled Nov 24, 2024Croatia Croatian Presidency Dec 31, 2024 (t) Confirmed Jan 5, 2020
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):
Jinxin Technology NAMI Craft Capital Management/ WestPark /R.F. Lafferty & Co., 1.3M Shares, $4.00-4.00, $5.0 mil, 12/6/2024 Priced
(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 downsized its tiny IPO at pricing to 1.25 million ADS – down from 1.875 million ADS in the prospectus – and priced the deal at $4.00 – the low end of its $4.00-to-$5.00 price range – to raise $5.0 million on Thursday night, Dec. 5, 2024.)
(Note: Jinxin Technology Holding 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.)
Fast Track Group FTRK Network 1 Financial Securities, 3.0M Shares, $4.00-5.00, $13.5 mil, 12/10/2024 Tuesday
(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.)
Mint Inc. Ltd. MIMI Benjamin Securities/ Prime Number Capital, 1.8M Shares, $4.00-5.00, $7.9 mil, 12/13/2024 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.)
NetClass Technology (2024 New Filing) NTCL Newbridge Securities/Revere Securities, 1.8M Shares, $4.00-6.00, $9.0 mil, 12/13/2024 Week of
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.)
YSX Tech Co., Ltd. YSXT Kingswood Capital Partners, 1.3M Shares, $4.00-6.00, $6.3 mil, 12/13/2024 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.)
ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-6.00, $6.3 mil, 12/16/2024 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.)
Diginex Ltd. DGX Dominari Securities/ Revere Securities, 2.3M Shares, $4.00-6.00, $11.3 mil, 12/16/2024 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.)
EPWK Holdings Ltd. EPWK Cathay Securities/Revere Securities, 2.8M Shares, $4.00-6.00, $13.8 mil, 12/16/2024 Week of
We are the parent of a Chinese crowdsourcing platform. (Incorporated in the Cayman Islands)
We are the second-largest online marketplace in China. Our platform, operated through EPWK VIE, is one of only two comprehensive crowdsourcing platforms in China. The other one is operated by Zhubajie.
Our marketplace platform was launched in 2011. We have achieved significant growth ever since our inception. Our platform users consist of buyers who seek talent for their jobs and sellers who offer different talents and skills. We currently have over 25.27 million registered users and offer an expansive catalog to provide diversified services to businesses of all sizes. Our daily inquiries well exceed 10,000 from logo design to business name selection to software development.
Our buyers range from micro-sized and small businesses to medium-sized businesses from various industries.
Our sellers include student artists, professional designers, part-time freelancers and micro, small, and medium-sized businesses with different talents, skills and services to offer.
As of Dec. 31, 2023, we had 8.59 million accumulated registered buyers and 16.68 million accumulated registered sellers, covering all 34 provinces of China. Specifically, in 2023, we enabled approximately US$349 million of GMV across nearly 1 million projects (0.986 million projects). In 2022, we enabled approximately US$333 million of GMV across 0.91 million projects.
Through our website and mobile apps, buyers can post their jobs for free, connect easily with talented people, and get a broad range of services executed quickly and efficiently.
**Note: Net loss and revenue are for the 12 months that ended Dec. 31, 2023.
(Note: EPWK Holdings Ltd. increased the size of its small IPO to 2.75 million shares – up from 1.47 million shares – and set the price range at $4.00 t0 $6.00 – from a previously blank price range in the prospectus – to raise $13.75 million, according to an F-1/A filing dated Oct. 23, 2024. Background: EPWK Holdings Ltd. replaced the original price range with blank spaces in an F-1/A filing dated Sept. 17, 2024, for its IPO of 1.47 million shares, run by Cathay Securities and Revere Securities. Previously EPWK Holdings Ltd. disclosed the terms for its small IPO in an F-1/A filing dated July 9, 2024: The company is offering 1.47 million Class A ordinary shares (1,466,667 ordinary shares) at a price range of $7.00 to $8.00 to raise $11.0 million. Background: EPWK Holdings Ltd. filed its F-1 on Feb. 9, 2023, without disclosing terms for its IPO.)
Leishen Energy Holding Co., Ltd. LSE Dominari Securities/ Revere Securities, 1.4M Shares, $4.00-5.00, $6.2 mil, 12/16/2024 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 $4.50 mid-point of its range.)
Park Ha Biological Technology Co. Ltd.PHHDawson James Securities/ D. Boral Capital (formerly EF Hutton)1.25.007.00$ 7.0 mil12/16/2024 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 $7.0 million.)
Smart Logistics Global Ltd.SLGBBenjamin Securities/Prime Number Capital1.05.006.00$ 5.5 mil12/16/2024 Week of
We are a holding company whose operating subsidiary in China manages a business-to-business logistics provider, focused on the transportation of industrial raw materials. (Incorporated in the Cayman Islands)
Note: Net income and revenue are for the year that ended Dec. 31, 2023.
(Note: Smart Logistics Global Ltd. filed an F-1/A dated Nov. 20, 2024, and disclosed the terms of its IPO: The company is offering 1 million shares at a price range of $5.00 to $6.00 to raise $5.5 million. Background: Smart Logistics Global Ltd. filed its F-1 for its IPO on Oct. 4, 2024, with estimated IPO proceeds of $10 million.)
Webus International Ltd.WETONetwork 1 Financial Securities3.84.005.00$ 16.9 mil12/16/2024 Week of
Note: The ordinary shares in this IPO are issued by the holding company and not by the underlying business in China. (Incorporated in the Cayman Islands)
We are an emerging leader in China’s Collective Mobility Service (“CMS”) market that provides hassle-free and cost-effective mobility solutions with real-time AI-augmented online support and 24-7 itinerary management support through the VIE and its subsidiary and Wetour. The CMS utilizes privately operated vans and buses to offer customers an alternative way to public transportation when traveling in large groups. Customers come to our platform for any type of CMS, from day-to-day commute, inter-city trips, business visits and cross-province travel to guided tours and tailored vacation packages. Our diverse products and service portfolio covers budget, high-end and customized offerings that appeal to both our individual and corporate customers.
Established in 2019, we experienced rapid growth and ranked as the second-largest online CMS provider in terms of revenue generated in the first half of 2022 by Frost & Sullivan.
Webus expanded its operations to United States in March 2022 through Wetour Travel Tech LLC, a limited liability company formed in United States.
Our websites are:
https://www.wetourvip.com/
https://www.wetourvip.cn/
https://www.webus.vip/
https://weixiaoba.vip/
https://www.ubus.vip
**Note: The website information is NOT part of this prospectus.
*Note: Net loss and revenue figures for the 12 months that ended Dec. 31, 2023 – in U.S. dollars converted from China’s Renminbi: Net loss of $2.64 million on revenue of $11.88 million
*Note: Net loss and revenue figures for the 12 months that ended June 30, 2023 – in U.S. dollars converted from China’s Renminbi: Net loss of $2.48 million on revenue of $21.72 million.
**Note: In comparison, net loss and revenue figures for the 12 months that ended Dec. 31, 2022: Net loss of US$0.93 million (net loss of US$930,000 on revenue of $25.98 million. The company’s FY2022 ended June 30, 2022. *Figures are in U.S. dollars converted from China’s Renminbi.
(Note: Webus International Ltd. cut its IPO’s size to 2.0 million shares – down from 3.75 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to an F-1/A filing dated Dec. 3, 2024. Background: Webus International Ltd. cut its IPO’s size to 3.75 million shares – down from 4.0 million shares – and cut the high end of the price range to $5.00 – so the new price range is $4.00 to $5.00 – to raise $16.88 million, according to an F-1/A filing dated June 27, 2024.)
(Note: Webus International Ltd. filed an F-1/A on March 17, 2023, disclosing terms for its IPO: 4.0 million shares at $4.00 to $6.00 to raise $20.0 million. Webus International Ltd. filed its F-1 on Feb. 10, 2023, without disclosing terms, for an IPO with estimated proceeds of $20 million. Webus submitted confidential IPO documents to the SEC on Sept. 23, 2022.)
Zhengye Biotechnology Holding Limited ZYBT Kingswood Capital Markets, 1.5M Shares, $4.00-5.00, $6.8 mil, 12/16/2024 Week of
We are a holding company incorporated in the Cayman Islands. Our underlying business is a Chinese company that makes and distributes vaccines for livestock. (Incorporated in the Cayman Islands)
We, through the operating entity, focus on the research, development, manufacturing and sales of veterinary vaccines, with an emphasis on vaccines for livestock. For nearly 20 years, the operating entity has been committed to enhancing the health of livestock. The operating entity markets a diverse range of vaccines, including vaccines for swine, cattle, goats, sheep, poultry and dogs. The operating entity’s products are available in 29 provincial regions across China and are exported overseas to Vietnam, Pakistan and Egypt.
*Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the 12 months that ended Dec. 31, 2023.
(Note: Zhengye Biotechnology Holding says Kingswood Capital Markets has been named the new sole book-runner, replacing US Tiger Securities.)
(Note: Zhengye Biotechnology Holding Limited increased its IPO’s size to 1.5 million shares – up from 1.25 million shares initially – at a price range of $4.00 to $5.00 – to raise $6.75 million, according to an F-1/A filing dated Aug. 22, 2024. Background: Zhengye Biotechnology Holding filed its F-1 on Jan. 9, 2024, without disclosing terms for its IPO. The company submitted its confidential IPO documents to the SEC in August 2023.)
Fitness Champs Holdings Ltd. FCHL Bancroft Capital LLC, 2.0M Shares, $4.00-5.00, $9.0 mil, 12/23/2024 Week of
(Incorporated in the Cayman Islands)
We believe we are a leading sports education provider in Singapore based on the following: (i) in 2023, we were the largest service provider of the SwimSafer Program based on the number of assessment bookings, accounting for approximately 30% of market share; and (ii) we are one of the few swim education providers in Singapore that provides both services to students under training programs funded by the Singapore Government and provision of customized private swimming training services.
We offer general swimming lessons to children and adults, with ladies-only swimming lessons available, as well as aquatic sports classes such as water polo, competitive swimming and lifesaving. We believe in imparting the correct swim stroke techniques and skills to all of our students so that they can learn to swim within the shortest time span in a variety of strokes, ranging from freestyle, breaststroke, butterfly, survival backstroke and side kick. We are one of the largest providers of swimming lessons to children enrolled in public schools under the MOE (Ministry of Education) in Singapore through the SwimSafer program. We have been offering private swimming lessons to children, youth and adults under our brand “Fitness Champs” since 2012. We aim to make swimming an enjoyable and affordable sport for children and adults, for water safety and as a way of keeping fit and healthy.
Note: Net income and revenue are for the 12 months that ended June 30, 2024.
(Note: Fitness Champs Holdings Limited filed its F-1 on Sept. 9, 2024, and disclosed the terms for its IPO – 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million.)
🏁 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 9, 2024) was also published on our website under the Newsletter category.