Emerging Market Links + The Week Ahead (January 29, 2024)
China tourism sector's patch recovery (as SE Asia casino markets set to recover), bond market thaw for EMs, Chile pension reforms, EM stock picks and the week ahead for emerging markets.
Caixin has reported how the China tourism sector has posted a patchy recovery as the post-COVID rebound peters out with many domestic tourists opting to travel on a budget.
Nevertheless, European luxury goods makers LVMH and Richemont have said that Chinese demand for luxury goods is strong. Some top international luxury brands are also building bigger, flashier flagship stores in China to boost growth, while others are shuttering outlets and refocusing marketing efforts online.
Meanwhile, a recent Maybank report forecasts a tourism recovery in Southeast Asia that is likely to be fastest this year in the casino jurisdictions of Malaysia and Singapore, as well as in Thailand. However, they expect outbound China tourists to return to pre-pandemic levels only in late 2025.
In other words, there are some bright spots (and not so-bright spots) and investors need to be very selective in terms of picking geographies, sectors and individual stocks.
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇮🇳 moneycontrol India Stock of the Day (December 2024) Partially $
Crompton Greaves, Ami Organics, Cantabil Retail India, Deccan Cements, Gabriel India, Godrej Consumer Products, KEC International, Aditya Birla Capital, Life Insurance Corporation of India, Zomato Limited, Global Health Limited (Medanta), ESAF Small Finance Bank Limited, Cyient DLM Ltd, Galaxy Surfactants, Hindalco Industries, SAMHI Hotels, Craftsman Automation & Hindustan Aeronautics
🇨🇳 🇭🇰 CMBI Research China & Hong Kong Stock Picks (December 2023) Partially $
Some quick observations about Chinese F&B products or brands who have ventured to SE Asia.
Tongda Group Holdings, Luxshare Precision Industry, Xiaomi Corp, Xtep, J&T Global Express, Topsports, Shengyi Tech, BeiGene, Kingdee International Software Group, GigaCloud Technology, NIO Inc, WuXi Biologics, CSPC Pharmaceutical, Cafe De Coral & JOYY Inc
EM Fund Stock Picks & Country Commentaries (January 28, 2024) $
Most emerging market or frontier funds have updated their factsheets and any commentaries until the end of December or Q4 2023.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 State investors jump on board NEV maker Leapmotor’s bandwagon (Bamboo Works)
As the global war for NEV market share intensifies, the company could get an edge through its joint venture with U.S.-European auto giant Stellantis
Zhejiang Leapmotor Technology Co Ltd (HKG: 9863) has added $84.3 million to its war chest with new share purchases by two state investors, following a much larger $1.6 billion infusion from Stellantis last year
The Hangzhou-based startup shipped 144,155 vehicles last year, up 30% from 2022, making it China’s 10th largest EV maker
🇨🇳 Transsion climbs global smartphone leader board with its move out of Africa (Bamboo Works)
The company posted 68.6% growth to become the world’s fourth largest smartphone seller in last year’s fourth quarter, as it expands beyond its original African stronghold
Shenzhen Transsion Holdings Co Ltd (SHA: 688036) shipped 28.2 million smartphones in last year’s fourth quarter, making it the world’s fourth largest seller
The company aims to replicate its success in Africa by expanding into markets in South Asia, Latin America and Southeast Asia, which have a combined population of over 4 billion
🇨🇳 Yum China (9987 HK/YUMC US): Earnings And Derating Risks Not Priced In (Smartkarma) $
China's catering industry has changed compared to pre-COVID19, where overall average selling price (ASP) is continually under pressure, and customers are increasing seeking value-for-money options due to weaker consumer sentiment.
YUM China (NYSE: YUMC)'s same-store-sales growth could be under pressure if the company cannot raise ASP easily like in previous years.
Yum China's historical valuation should not be used as a benchmark, given that the growth profile has changed (new store openings reaching a plateau; sustained increased competition; lower ASP pressure).
🇨🇳 LVMH & Richemont Said Chinese Demand for Luxury Goods Is Strong; POSITIVE for China Tourism Group (Smartkarma) $
European luxury goods maker enjoyed its best week in the past 52 weeks, spurred by better-than-expected results by LVMH Moët Hennessy Louis Vuitton (EPA: MC / OTCMKTS: LVMUY / LVMHF), the industry leader and widely viewed as the bellwether
China's market was cited as resilient and very strong in certain categories, defying the general market perception that Chinese demand is soft
The key European luxury goods share price has risen by an average of 8.2% YTD, China Tourism Group Duty Free (HKG: 1880 / SHA: 601888) share price performance has lagged. Good buying opportunity
🇫🇷 LVMH's Stellar Returns (Compounding Quality) $
Key takeaways:
Revenue: €86.2 billion (13% organic growth versus 2022)
Profit from recurring operations: €22.8 billion (+8% compared to 2022)
Net profit: €15.2 billion (+8% compared to 2022)
Double-digit organic revenue growth in Europe, Japan, and the rest of Asia
Negative currency impact in the second half of the year
LVMH will propose a dividend of €13 per share (dividend yield: 1.9%)
🇨🇳 In Depth: Luxury Brands’ Strategies Diverge Amid Weak Economic Recovery in China (Caixin) $
While some top international luxury brands are building bigger, flashier flagship stores in China to boost growth, others are shuttering outlets and refocusing marketing efforts online, underscoring a reshuffle in the world’s third-largest luxury market.
Despite the Chinese mainland luxury market showing strong performance in the first quarter of 2023 following the country’s reopening, growth slowed progressively as macroeconomic concerns arose, according to Bain & Co. Inc. in a report [China’s luxury market expected to grow at mid-single-digit in 2024] Thursday.
🇨🇳 Amer Sports (AS US) IPO: Valuation Insights (Smartkarma) $
Amer Sports (AS US) is a global iconic sports and outdoor brand group. Amer has launched an NYSE IPO to raise US$1.6-1.8 billion at a US$16.00 to US$18.00 price range.
We previously discussed the IPO in Amer Sports IPO: The Bull Case, Amer Sports IPO: The Bear Case and Amer Sports IPO: Valuation First-Look.
We revise our forecasts to reflect the FY23 preliminary estimates and long-term growth targets. Our valuation analysis suggests that Amer is fairly valued at the IPO price range.
🇨🇳 ArriVent wows investors with promising China-developed lung cancer treatment (Bamboo Works)
The drug startup’s shares rose 11% on their first trading day, after it raised $150 million in an upsized IPO underwritten by three major investment banks
Arrivent Biopharma (NASDAQ: AVBP) raised $150 million in an upsized IPO, marking one of the strongest performances for a China-linked IPO in New York over the last two years
The company has licensed global rights, excluding Greater China, to furmonertinib, a highly targeted drug used to treat non-small-cell lung cancer
🇨🇳 Junshi hopes new scientist CEO can cure its woes (Bamboo Works)
The biotech company has been dogged by multiple challenges recently, including declining revenue, ongoing losses and a recent rejection by one of its overseas partners
Junshi Bio (SHA: 688180) has appointed its former deputy general manager and president of global R&D as its new CEO
The innovative drug maker has struggled from instability in its R&D and commercialization teams, whose key executives have changed several times in recent years
🇨🇳 New Oriental Education (EDU US/9901 HK): A Better Business Model In The Post "Double Reduction" Era (Smartkarma) $
New Oriental Education (NYSE: EDU) reported better than expected FY2Q24 results last night, with sales up 36% yoy and net profit up 183% yoy.
The company further guided a 42-45% sales growth in FY3Q24, well above market consensus.
The visibility for the next 2-3 years is actually quite high post-"double reduction" policy.
🇨🇳 Bilibili: Several Challenges To Deal With In The Near-Term (Seeking Alpha) $
Bilibili (NASDAQ: BILI) can make progress towards breakeven in 2024 through cost rationalization measures.
Challenges in the video game business and high youth unemployment in China pose risks to Bilibili's medium-term outlook.
Bilibili's long-term opportunity lies in attracting more attention from advertisers and potential partners as the incomes of its user group rise.
🇭🇰 More Hong Kong Stocks Priced For Liquidation (Smartkarma) $
With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.
This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.
Graham would conclude these stocks are priced for liquidation. Stocks discussed include Brilliance China Automotive Holdings (HKG: 1114 / FRA: CBA / OTCMKTS: BCAUF), Ming Yuan Cloud Group Holdings (HKG: 0909), Yidu Tech (HKG: 2158 / FRA: 0EL), and A-Living Smart City Services Co Ltd (HKG: 3319 / FRA: 1V0 / OTCMKTS: ALVSF).
🇭🇰 Is Cathay Pacific Stock Worth Your Buy? (Seeking Alpha) $
Cathay Pacific Airways Limited (HKG: 0293 / OTCMKTS: CPCAY)'s passenger service recovery is slow compared to other airlines, with only 45% of capacity recovered in H1 2023.
The airline's cargo operations have been more successful, with plans to recover 85% of capacity by the end of 2023.
Despite the slow recovery, there is upside potential for Cathay Pacific stock, with a projected price target of $6.90.
🇹🇼 Asian Dividend Gems: FSP Technology (Asian Dividend Stocks) $
While the world is trying to transition to more renewable energies, FSP Technology (TPE: 3015) could be a beneficiary of reliable power energy supply products.
FSP Technology's dividend yield averaged 8.1% from 2020 to 2022. The company has a strong balance sheet. Net cash as a percentage of market cap is 40%.
FSP Technology provides power supply products used for personal computers, industrial power, renewable energy, and batteries.
🇰🇷 Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea (Smartkarma) $
In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (NYSE: CPNG) in Korea in the past year.
Temu's MAU skyrocketed in the past year in Korea. Temu's MAU surged from zero in January 2023 to 3.28 million as of December 2023.
One could argue that Coupang's valuations are overvalued relative to its Chinese competitors such as PDD Holdings (NASDAQ: PDD).
🇰🇷 A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024 (Smartkarma) $
In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024.
The top 20 market cap rechargeable battery related stocks in Korea are down on average 15.9% YTD, underperforming KOSPI which is down 6.7% in the same period.
Many rechargeable battery related names in Korea continue to have lofty valuations. The 20 rechargeable battery names are trading at median P/E of 79.7x in 2023 and 39x in 2024.
🇰🇷 LG Display: Positive Earnings Results Overshadowed By The Need For Cash (Seeking Alpha)
LG Display (NYSE: LPL) reported its first profit in almost two years, but LPL is likely to fall into the red as soon as the next report.
LPL has been forced to raise cash due to losses, which is set to continue with LPL set to issue a huge number of shares in 2024.
LPL has become a bet on OLED technology, but the race for supremacy in the display market remains wide open.
Long LPL does not look warranted given the circumstances, but short LPL does not look all that appealing either.
🇰🇷 Mohegan Gaming's Inspire Resort to Launch the First Foreigners Only Casino in Korea in 19 Years (Smartkarma) $ & Mohegan Inspire okayed for S.Korean casino licence (GGRAsia)
On 24 January, Mohegan Gaming & Entertainment announced that it has received the final approval to open a foreigners-only casino at its Inspire resort complex in Incheon, South Korea.
This will become the first new foreigners-only casino in Korea in 19 years. Currently, there are 17 foreigners-only casinos in Korea.
The opening of the Inspire Resort in Incheon, Korea will likely have a negative impact on the foreigners only casino operators in Korea including Paradise Co Ltd (KOSDAQ: 034230).
🇰🇷 Korean Air - Another US Example Of A Ruling Against Consolidation Raises Asiana Merger Questions (Smartkarma) $
The US Department of Transport (DOT) has ordered the termination of Delta and Aeromexico's joint venture from October 2024 due to access restrictions in Mexico City.
This follows the (unrelated) US blocking of JetBlue's planned acquisition of Spirit Airlines on the grounds that it would negatively impact consumers.
Each case is different, but the US has previously voiced concerns regarding Korean Air (KRX: 003490)'s planned merger with Asiana Airlines (KRX: 020560), and the bar continues to rise for M&A/JV approval globally.
🇮🇳 HDFC Bank: An Update (Value Punks)
....and a few lessons from ITC Ltd (NSE: ITC / BOM: 500875) (and other compounders)
Many moons ago, I had coverage of ITC, another Indian blue chip stock, which is India’s largest tobacco (cigarette) company with 80% volume and 90%+ revenue market share - a monopoly in an addictive product. As you can imagine, this is a very profitable business.
I encourage readers to delve into our Deep-dive on HDFC Bank (its free for all readers) to grasp the full context of the discussion below.
🇮🇳 Sify Technologies: Positive Outlook On India Data Centers Momentum (Seeking Alpha) $
Sify Technologies (NASDAQ: SIFY) reported its fiscal Q3 results highlighted a climb in adjusted EBITDA.
The company is re-calibrating its strategy to focus on high-margin opportunities including growing demand for data center capacity in India.
The stock has been volatile but we see a path for stronger earnings as a bullish tailwind in 2024.
🇮🇳 Brainbees Solutions (FirstCry) Pre-IPO - The Positives - Carving Its Niche (Smartkarma) $
FirstCry is looking to raise up to US$700m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In this note, we talk about the positive aspects of the deal.
🇮🇳 MakeMyTrip: Record Quarter, But Pricey Stock (Seeking Alpha) $
Makemytrip (NASDAQ: MMYT), India's largest online travel company, has released its Q3 2024 earnings report, beating expectations and breaking records for gross bookings, revenue, and profit.
The company's revenue increased by 25.6% YoY to $214.2 million, and gross bookings increased by 21.7% YoY to $2.1 billion.
While the stock has performed well, with a 61.03% increase over the last year, the company's high forward P/E ratio suggests it may be overvalued compared to travel industry peers.
🇮🇱 G. Willi-Food International: Where Cash Is King And Portfolios Nourished (Rating Upgrade) (Seeking Alpha) $
G. Willi-Food International (TLV: WLFD) stock is now considered a Buy opportunity, despite headwinds and risks out of its control.
The company's share price has experienced a decline due to the war and an excessively generous dividend but is in recovery mode rising from $8 to over $11.
The domestic economy in Israel is normalizing, and the share price of G. Willi-Food has steadily climbed, up 47.5% over the last 5 years.
🇸🇦 Tadawul – the booming Saudi Arabian stock exchange (Undervalued Shares)
For Saudi Arabia, that moment had come in 2021. After launching a set of restructuring measures in 2017, Saudi Tadawul Group Holding (TADAWUL: 1111), as both the company and the stock market are called, went public. The IPO seemed even more notable and consequential than the 2019 IPO of national oil company Saudi Arabian Oil Co (TADAWUL: 2222)), which had stirred up a lot of international media attention.
Formerly 100% owned by Saudi Arabia's sovereign wealth fund, Tadawul was opened up to public market investors in an effort to open up the country to foreign investment. It has already succeeded to a higher degree than you might think.
🇹🇷 Turkcell Still A Buy, Even With Rising Inflation (Seeking Alpha) $
Turkcell (NYSE: TKC) has shown potential to absorb additional inflation impacts without significantly affecting its financial health.
New, higher-margin businesses like digital services and payment services are growing faster than its core business.
Under three DCF scenarios considering different margin outcomes, the price targets for Turkcell range from $5.50 to $6.20.
🇳🇬 Nigeria's tier 1 banks: Worth a look? (Capital Markets Africa)
Imara Asset Management thinks so. The company's latest monthly market update is bullish about Nigeria's biggest banks despite deep macro challenges
The latest monthly market update by Imara Asset Management is bullish about Nigeria's biggest banks.
🇱🇺 🌎 Tenaris: Steeling Against High Rates With A Rock-Solid Balance Sheet (Seeking Alpha) $
Businesses globally are preparing for a new reality of high interest rates as central banks raise rates to combat inflation.
Tenaris S.A. (NYSE: TS), an oilfield equipment and services company, stands out with its strong balance sheet and low debt levels.
Tenaris has reported impressive financial results, including increased sales volumes, high margins, and substantial cash flows, making it an attractive investment option.
🇦🇷 IRSA's Potential May Take Years And Is Not An Opportunity (Seeking Alpha) $
IRSA Inversiones y Representaciones Sociedad Anónima (NYSE: IRS) is one of Argentina's leading real estate developers.
Its most important assets are the Buenos Aires' leading malls and a vast and valuable landbank.
Further, the valuation of both lands and malls is based on a damaged Argentinian macroeconomy. This leaves a substantial upside opportunity.
However, the realization of that potential is not dependent on IRSA, but rather on availability of credit and political support. This may take years.
I believe the discount is not sufficient to justify the potentially long wait for value.
🇦🇷 Cresud Is Not An Opportunity Even Under Bullish Assumptions (Seeking Alpha) $
Cresud Sa (NASDAQ: CRESY) is an Argentinian conglomerate with investments in IRSA (NYSE: IRS) and Brasilagro - Co Brasileira De Proprieda (NYSE: LND / BVMF: AGRO3), as well as rural land properties and agritech companies.
The company's stock does not offer a great opportunity as most of the upside comes from eliminating export taxes in Argentina, which is unlikely.
Cresud's complex accounting and the burden of export taxes on its agricultural operations make it difficult to justify its current valuation.
🇧🇷 GOL - Chapter 11 Filing In a Bid to Ensure Financial Sustainability (Smartkarma) $
Gol Linhas Aereas Inteligentes Sa (NYSE: GOL / BVMF: GOLL4) has filed for CH11 in a New York court and will look to restructure, as major competitors/peers LATAM Group, Avianca and Aeromexico did when COVID struck, disadvantaging GOL.
To illustrate GOL's disadvantage; in 9M23, GOL's financing costs outweighed its EBITDAR to drive a negative PBT, whereas LATAM's PBT represented 29% of EBITDAR, despite lower EBITDAR margins of 22%.
Based on recent precedents, we expect the process may take two years.
🇧🇷 Braskem: Mounting Troubles Impacting Financial Performance (Seeking Alpha) $
Braskem (NYSE: BAK) is a petrochemical firm operating in Brazil, the U.S., Europe, and Mexico.
The company's financial performance has been declining, with reduced margins and losses in operating income.
BAK is facing potential financial impact and legal issues due to an environmental incident in Maceio, Brazil.
🇧🇷 The Pros And Cons Of Investing In CI&T (Seeking Alpha) $
🇧🇷 TIM S.A. Q4 Earnings Preview: Inflation Surprise (Seeking Alpha) $
TIM Brasil (NYSE: TIMB) is projected to announce Q4 revenue of $1.27 billion, with earnings per share of $0.41, which aligns with full-year guidance and the 2023-2025 strategic plan.
Inflation in Brazil, which has been a concern for telecom companies, improved more than expected, providing a favorable backdrop for TIMB.
TIMB's acquisition of Oi Group's Mobile business in 2022 has exceeded expectations, with strong service revenue and EBITDA growth.
I continue to maintain a buy rating on TIMB stock, with a price target of $18.90.
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🌍 Saudi Tankers Given Passage Through Red Sea By Houthis, Alongside Russia & China (Zero Hedge)
China and Russia aren't the only countries being given a "pass" from Yemen's Houthi rebels, but Saudi Arabia is also exporting crude oil through the Red Sea as if in perfectly normal times (well, almost).
As we've been chronicling, a who's who of major tanker and container shipping companies have halted their Red Sea transit, instead opting for the much longer journey around the Cape of Good Hope in Africa. This typically adds some $1 million to the total transport bill for a tanker, LSEG Shipping Research data shows.
🌏 Fraud in Asia (Asian Century Stocks)
Tan & Robinson’s book Asian Financial Statement Analysis is probably the definitive book on how to spot fraud and misrepresentation in this part of the world.
Be careful of companies with high margins, poor cash flows, fast-growing balance sheets and complex corporate structures with frequent related party transactions.
I have great respect for the detailed work that short-sellers carry out. In my experience, high-profile short-seller reports should always be taken seriously.
🇨🇳 Chinese provinces target modest 2024 growth after missing previous goals (Reuters)
Around half Chinese provincial economies miss 2023 GDP targets
Some debt-laden regions lower growth goals this year
Major regional powerhouses set 5%, or higher, growth targets
🇨🇳 China approves more video games in sign of further easing of restrictions on sector (Caixin) $ & China regulator removes draft video game rules from website; shares jump (Reuters)
China approved more publishing licenses for new video games in January than in December, reinforcing hopes that Beijing will ease its clampdown on the industry futher after proposed tighter restrictions sent investors fleeing from gaming stocks in December.
The National Press and Publication Administration (NPPA) on Friday issued a new list of 115 domestic titles cleared for smartphones, consoles and personal computers from companies including Shenzhen ZQGame Co. Ltd (SHE: 300052) and 37 Interactive Entertainment Network Technology Group Co. Ltd. (SHE: 002555) The figure marks a slight uptick from December, when the NPPA approved 105 new titles for sale in China.
🇨🇳 China to cut banks’ reserve requirements amid flagging recovery (Caixin) $ & China cuts bank reserve ratio to boost growth as sentiment sours (FT) $ 🗃️
China will reduce banks’ reserve requirement ratio (RRR) by 50 basis points on Feb. 5, central bank Governor Pan Gongsheng said at a news briefing on Wednesday.
The move, which Pan said will release 1 trillion yuan ($141 billion) of liquidity into the financial system, is aimed at providing additional stimulus to the economy, analysts said.
“Compared with the central banks of major international economies, there is still considerable room for adjustment,” Pan said, noting that the current average level of the RRR is 7.4%. “This serves as an effective tool to supplement the long-term liquidity in the banking system.”
🇨🇳 China tourism sector posts patchy recovery as rebound peters out (Caixin) $
China’s tourism industry has been showing mixed signs of recovery following a long bleak winter, as the “revenge travel” rebound of the immediate post-pandemic period in 2023 proved more short-lived than expected, with many domestic tourists opting to travel on a budget.
Domestic trips made during the eight-day Golden Week holiday in October, the typical year-end peak travel season in China, reached 826 million and recorded a modest 4.1% pickup from pre-pandemic levels during the same holiday in 2019, but much slower than the 19% increase recorded during the Labor Day holiday in May, according to data released by the Ministry of Culture and Tourism.
🌏 S’pore, Malaysia inbound visits up, China input lags: Maybank (GGRAsia)
Tourism recovery in Southeast Asia is likely to be fastest this year in the casino jurisdictions of Malaysia and Singapore, as well as in Thailand, says a Friday report from Maybank Research Pte Ltd, adding that the contribution from mainland China is likely to continue to lag.
Referring to a club of Southeast Asian nations, the institution stated: “We forecast total visitor arrivals to ASEAN-6 growing by about +27 percent in 2024 (versus +130 percent in 2023), recovering to 98 percent of pre-pandemic levels by this December. Recovery will be faster in Malaysia, Thailand and Singapore.”
“We expect outbound China tourists to return to pre-pandemic levels only in late 2025,” stated Maybank.
🌐 Bond market thaw offers hope to emerging market borrowers (FT) $ 🗃️
Growing number of developing countries no longer in ‘debt distress’
🇦🇷 Argentina’s President Promised a Free-Market Revolution, and Says He’s Delivering (WSJ)
‘There is no Plan B,’ Javier Milei tells The Wall Street Journal as his moves to privatize state companies and slash government jobs spark inflation and protests
🇨🇱 Chile takes first step towards reforming private pension system (FT) $ 🗃️
Early win on legislation is a boost for President Gabriel Boric
It would also increase the minimum guaranteed pension paid out by the government to poorer people, and replace the deeply unpopular private pension administrators with a public administrator, though Chileans would still be able to choose private funds to invest their pensions. A state-run investing alternative would also be created.
📅 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):
Pakistan Pakistani National Assembly Feb 8, 2024 (d) Confirmed Jul 25, 2018
Indonesia Indonesian Regional Representative Council Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian Presidency Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian House of Representatives Feb 14, 2024 (t) Confirmed Apr 17, 2019
Russian Federation Russian Presidency Mar 15, 2024 (t) Confirmed Mar 18, 2018
South Korea South Korean National Assembly Apr 10, 2024 (d) Confirmed Apr 15, 2020
India Indian People's Assembly Apr 30, 2024 (t) Date not confirmed Apr 11, 2019
Panama Panamanian National Assembly May 5, 2024 (t) Confirmed May 5, 2019
Panama Panamanian Presidency May 5, 2024 (t) Confirmed May 5, 2019
Venezuela Venezuela Presidency May 31, 2024 (t) Date not confirmed
Mexico Mexican Senate Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Mexico Mexican Chamber of Deputies Jun 2, 2024 (t) Date not confirmed Jun 6, 2021
Mexico Mexican Presidency Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Croatia Croatian Assembly Jun 30, 2024 (t) Date not confirmed Jul 5, 2020
Mongolia Mongolian State Great Hural Jun 30, 2024 (t) Tentative Jun 24, 2020
South Africa South African National Assembly Jun 30, 2024 (t) Date not confirmed May 8, 2019
Sri Lanka Sri Lankan Presidency Sep 30, 2024 (t) Date not confirmed
Czech Republic Czech Senate Sep 30, 2024 (t) Date not confirmed Sep 23, 2022
Georgia Georgian Parliament Oct 26, 2024 (d) Confirmed Oct 31, 2020
Uruguay Uruguayan Presidency Oct 27, 2024 (t) Date not confirmed
Uruguay Uruguayan Chamber of Representatives Oct 27, 2024 (t) Date not confirmed
Uruguay Uruguayan Chamber of Senators Oct 27, 2024 (t) Date not confirmed
Georgia Georgian Presidency Nov 30, 2024 (t) Date not confirmed Nov 28, 2018
Romania Romanian Presidency Nov 30, 2024 (t) Date not confirmed Nov 24, 2019
Romania Romanian Chamber of Deputies Nov 30, 2024 (t) Date not confirmed Dec 6, 2020
Romania Romanian Senate Nov 30, 2024 (t) Date not confirmed
Namibia Namibian Presidency Nov 30, 2024 (t) Date not confirmed Nov 27, 2019
Namibia Namibian National Assembly Nov 30, 2024 (t) Date not confirmed Nov 27, 2019
Uzbekistan Uzbekistani Legislative Chamber Dec 31, 2024 (t) Tentative Dec 22, 2019
📅 Emerging Market IPO Calendar/Pipeline
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):
Intelligent Group Limited INTJ WestPark Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 1/29/2024 Week of
(Incorporated in the British Virgin Islands)
We are a professional services provider in Hong Kong that engages in the business of providing Financial PR services. Our Financial PR services include arranging press conferences and interviews, participating in the preparation of news releases and shareholders’ meetings, monitoring news publications, identifying shareholders, targeting potential investors, organizing corporate events, and implementing crisis management policies and procedures.
We aim to build an effective channel for the exchange of information between the public, investors and our clients. We provide information about our clients to the public and investors in a manner designed to enable them to understand our clients’ operations more easily. We also provide training to our clients so as to allow them to understand public relations tactics and practice. The objective is to create a positive market image of our clients to the public.
Our Industry
Hong Kong, which occupies a unique geographic position, continues to achieve remarkable expansion in its role as a regional financial leader. As one of the financial centers in the Asia-Pacific region, Hong Kong attracts a number of public relations firms to provide services in Hong Kong, mainly in Financial PR, corporate public relations and consumer marketing services. According to the website of the HK Stock Exchange — Annual Market Statistics (As of December 30, 2022) (source: https://www.hkex.com.hk/-/media/HKEX-Market/Market-Data/Statistics/Consolidated-Reports/Annual-Market-Statistics/e_2022-Market-Statistics.pdf and https://www.hkex.com.hk/-/media/HKEX-Market/Market-Data/Statistics/Consolidated-Reports/Annual-Market-Statistics/2021-Market-Statistics_e.pdf), Hong Kong has ranked number four and four in the world in 2021 and 2022, respectively, in terms of the amount of funds raised through IPOs. According to the market statistics published by the HK Stock Exchange, the total funds raised through IPOs on the HK Stock Exchange in 2021 and 2022 were approximately HK$328.9 billion and HK$99.1 billion, respectively. The total post-IPO funds raised by listed companies on the HK Stock Exchange in 2022 amounted to HK$147.3 billion and, together with funds raised by IPOs, the total funds raised on the Main Board (“Main Board”) and GEM Board of the Hong Kong Stock Exchange, amounted to approximately HK$251.9 billion. Despite the decrease in the total funds raised in 2022 due to the impact of resurgences of the COVID-19 outbreak, the capital market and fund-raising activities are expected to rebound in 2023.The demand for Financial PR services is expected to correlatively rebound.
Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors:
• We provide comprehensive Financial PR services to our clients;
• We provide extensive coverage in media monitoring and promotion services for our clients;
• We have a strong client base; and
• We have experienced and competent management and professional staff.
Our Strategy
We intend to pursue the following strategies to further expand our business:
• Further strengthening our Financial PR business in Hong Kong;
• Expanding our market presence in other international capital markets, in particular the U.S.; and
• Enhancing the automation and establishment of our virtual Financial PR services.
(Intelligent Group Limited filed an F-1/A dated Nov. 21, 2023. The terms of its IPO: 2 million ordinary shares at $4.00 to $5.00 to raise $9.0 million. )
BioLingus (Cayman) Ltd. SUBL Univest Securities, 0.4M Shares, $20.00-20.00, $7.2 mil, 1/31/2024 Wednesday
We are an exempted company with limited liability incorporated under the laws of the Cayman Islands, whose principal place of business is in Switzerland. As a holding company with no operations, we conduct all of our operations through our subsidiaries in Switzerland and to a lesser extent, Hong Kong SAR (“HK SAR”), the People’s Republic of China (“PRC”) and Australia. (Incorporated in the Cayman Islands)
We are a biotechnology company spearheading the development of oral (specifically, sublingual) delivery of peptides and proteins.
Many of the more effective drugs to treat diabetes and obesity are “biologics”, the vast majority of which currently have to be injected. For example, although insulin was discovered almost 100 years ago, there has, to date, not been any commercially viable solution to administer insulin without the need for injection.
Consistent with this, the delivery of peptides or proteins, such as insulin, in a non-invasive way (i.e. without needles or injections) is a very challenging endeavor from a scientific and technical perspective.
Since our inception, we have focused on developing an alternative approach, known as sublingual delivery. The sublingual area lies under the tongue and is lined by a thin layer of cells which has a rich supply of blood vessels. Sublingual delivery has been successfully used commercially for many years to deliver a variety of so-called small molecule drugs, such as glyceryl trinitrate and ondansetron, which can readily penetrate this layer of cells to rapidly enter the blood stream. We hypothesized that we could similarly exploit the unique nature of the sublingual area to effectively deliver peptides and proteins, and this subsequently became the focus of our research. The main peptide used to improve the technology was exenatide, which was the first commercial glucagon-like peptide (GLP-1) receptor protein product and is routinely used to treat type 2 diabetes.
During our first series of studies with exenatide, the sublingual dose required was almost 200 times the injectable dose to achieve a similar effect. After 2 to 3 years of extensive development, we were able to reduce this ratio to 5 to 10, and we now have a “platform” of formulations (the “BioLingus Platform”) and expertise on how formulations should be designed for better performance.
During the course of our research and testing of various peptides and proteins across several different disease indications, it has become clear to us that there are two areas for our technology with significant commercial potential: (1) Metabolic disease, in particular, diabetes and obesity and related metabolic disorders such as NASH (nonalcoholic steatohepatitis) and (2) Immunology (mainly allergy and auto-immune disorders)
Our lead product candidate, Liraglutide Sublingual, being evaluated in a Phase Ib and Phase IIa together. The phase Ib/IIa is a “dose-finding study”: the goal is – as the name says – to find an optimal dose range in humans; this is a relatively short study, which lasts 6-9 months. The trial begun in late April 2023, when the first patient was successfully enrolled and dosed, and is taking place at the Clinical Trials Centre of the Chinese University of Hong Kong. In total, 15 patients will be enrolled in the trial, which is being conducted as a single ascending dose study of sublingual liraglutide in patients with type 2 diabetes, with the main endpoints related to safety, tolerability and preliminary efficacy. As of May 29, 2023, 1 of 15 patients had been enrolled.
*Note: Net loss is for the fiscal year that ended April 30, 2023. The company has no product revenues.
(Note: BioLingus filed an F-1/A dated Nov. 9, 2023, in which it cut its IPO’s size to 360,000 shares – down sharply from 3.0 million shares initially – and raised its assumed IPO price to $20.00 – up from its initial price range of $15.00 to $16.00 – to raise $7.2 million. Background: BioLingus filed its F-1 on June 30, 2023, and disclosed terms for its IPO: 3.0 million shares at $15.00 to $16.00 to raise $47.0 million.)
Amer Sports, Inc. AS Goldman Sachs/ BofA Securities/ J.P. Morgan/ Morgan Stanley/ Citi/ UBS Investment Bank, 100.0M Shares, $16.00-18.00, $1700.0 mil, 2/1/2024 Thursday
Amer Sports is a Helsinki-based sports apparel and outdoor equipment company owned by an investor group headed by China’s ANTA Sports. The Chinese investor group bought Amer Sports in 2019. Until then, the company’s stock was traded on the NASDAQ Helsinki. (Incorporated in the Cayman Islands)
Note: This IPO is a New York Stock Exchange listing.
The company is involved in three business segments: technical apparel, outdoor performance, and ball and racquet sports.
Amer Sports sells three big brands: Arc’teryx, Salomon and Wilson. As of Sept. 30, 2023, the company owned a global network of 261 stores featuring those three big brands.
Amer Sports’ other brands include Armada, Atomic, DeMarini, Louisville Slugger and Peak Performance.
Note: Net loss and revenue are for the 12 months that ended Sept. 30, 2023.
(Note: Amer Sports, Inc. filed its F-1/A on Jan. 22, 2024, and disclosed terms for its IPO: 100.0 million shares at a price range of $16.00 to $18.00 to raise $1.7 billion ($1,700.0 million). Background: Amer Sports, Inc. filed its F-1 on Jan. 4, 2024, without disclosing terms for its IPO. Estimated IPO proceeds are $100 million. The company submitted confidential IPO documents to the SEC on Aug. 11, 2023.)
Ryde Group Ltd. RYDE Maxim Group, 2.3M Shares, $4.00-5.00, $13.5 mil, 2/5/2024 Week of
We are a Singapore-based ride-hailing app. (Incorporated in the Cayman Islands)
Our vision is to become a “Super mobility app” where multiple mobility tools can be accessed and function seamlessly out of a single app, offering ultimate convenience and reliability for our customers. We currently operate in Singapore, with our core businesses in the following segments: (i) mobility, where we provide on-demand and scheduled carpooling and ride-hailing services, matching riders to our driver partners; and (ii) quick commerce, where we provide on-demand, scheduled, and multi-stop parcel delivery services.
Our mobility business segment includes carpooling and ride-hailing.
Carpooling refers to services that connect riders with driver partners who provide rides in a variety of vehicles, such as cars of different seating capacities. Carpooling is about sharing rides and is provided via our RydePOOL service in our mobile app. We launched carpooling through our RydePOOL service in Singapore. RydePOOL allows real-time, on-demand bookings as well as advance bookings via our Schedule Pickup function, and only allows seating capacity for one rider per request, while riders may have to share their ride with other riders.
Ride-hailing refers to services that connect riders with private-hire or taxi drivers, with the rider having the option to choose the type of ride from a variety of vehicles, such as cars of different seating capacities and make. We started off with only carpooling services, but ride-hailing services was a natural adjacency for us as we have the technology and the platform to enable it. Our ride-hailing services allow riders to determine the number of seats they require for the trip, and offers real-time, on-demand bookings as well as advance bookings and multi-stop options. We started to grow our offerings in this space and currently have the following different service offerings: RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE, and RydeTAXI services.
Quick Commerce is a package delivery booking service, which enables driver partners to accept bookings for package delivery services through our driver partner app. Our partners that fulfill deliveries range from driver partners, to motorcyclists and walkers as well. Consumers can arrange for instant deliveries and cater for different package sizes. E-commerce businesses, Food and Beverage businesses and social sellers can utilise our last mile delivery services to their customers as an option as well. We provide our quick commerce service through our RydeSEND offering, which comprises of real-time on-demand, scheduled, and multi-stop parcel delivery services.
Acquisition of Meili
On February 20, 2023, we completed the purchase of Meili Technologies Pte. Ltd. (“Meili”), a last-mile on-demand logistics service provider in Singapore, where we purchased the entire issued and paid-up share capital of Meili for a purchase consideration of S$450,000 which shall be satisfied through the issuance of exchangeable notes to the shareholders of Meili in an amount equal to the proportion of the purchase consideration (“Meili Acquisition”). The Meili Acquisition enables us to expand our business into the quick commerce industry, thereby increasing our revenue streams, acquire a new consumer and driver partner’s base as well as improve our operational efficiency. By leveraging on the existing technology and operational infrastructure of Meili, our operational costs have reduced. We believe that the Meili Acquisition helps us to stay competitive in the quick commerce market and potentially grow our business.
*Note: Revenue and net loss are in U.S. dollars for the year ended Dec. 31, 2022.
(Note: Ryde Group Ltd. increased the size of its micro-cap IPO in an F-1/A filing dated Jan. 18, 2024, to 3.0 million shares – up from 2.25 million shares originally – and kept the price range the same at $4.00 to $5.00 to raise $Ryde Group Ltd. disclosed terms for its IPO in an F-1/A filing dated Oct. 2, 2023: 2.25 million Class A ordinary shares at a price range of $4.00 to $5.00 to raise $10.13 million. Background: Ryde Group Ltd. filed its F-1 on Aug. 31, 2023, without disclosing terms for its IPO. The company submitted confidential IPO documents to the SEC in May 2023.)
Trident Digital Tech Holdings TDTH US Tiger Securities, 1.9M Shares, $8.00-10.00, $16.9 mil, 2/5/2024 Week of
We are a leading digital transformation enabler in the small and medium enterprise, or the SME segment of the e-commerce enablement and digital optimizing services market in Singapore. We offer business and technology solutions which are designed to optimize our clients’ experiences with their customers by driving digital adoption and self-service. (Incorporated in the Cayman Islands)
We started our journey in 2014 as a full-service information technology company headquartered in Singapore. Since then, we recognized and captured the opportunities arising from the global fast-growing digital adoption trend in various industries and rapidly developed as a leading digital transformation enabler in the SME segment of e-commerce enablement and digital optimizing services market in Singapore. According to the Frost & Sullivan Report, among the Singapore-based companies who have been approved to participate in the SMEs Go Digital program led by Infocomm Media Development Authority, a statutory board under the Singapore Ministry of Communications and Information of the Republic of Singapore, we ranked fourth, contributing to 1.5% of the SME segment of the e-commerce enablement and digital optimizing services market in Singapore in 2022.
The SMEs Go Digital program is to provide SMEs in Singapore with a variety of digital solutions and services, such as e-commerce platforms, digital marketing tools, and data analytics software. The program also offers government grants to eligible SMEs to subsidize the costs, driving digital adoptions.
Our clients and prospective clients are faced with transformative business opportunities due to advances in software and computing technology. These organizations are dealing with the challenge of having to reinvent their core products, services, processes and systems rapidly and position themselves as “digitally enabled.” The journey to the digital future requires not just an understanding of new technologies and new ways of working, but a deep appreciation of existing technology landscapes, business processes and practices. We have been a navigator for our clients as they ideate, plan and execute on their journey to a digital future through our solutions and services, comprising:
• Business consulting: We support clients to define and deliver technology-enabled transformations of their business. Equipped with the complete value chain approach, our suite of offerings ranges from brand proposition, multi-channel commerce and digital marketing to improve customer experience and increase customer acquisition, to insights and real-time predictive analysis for efficient decision-making and optimizing processes.
• IT customization: We offer solutions and services to plan, design, operate, optimize and transform business processes. We support clients to get the best value from technology by developing an IT strategy, optimizing applications and infrastructure, implementing IT operating models, and governing their technical architecture for reliability and security.
We provide customized solutions and services that address the specific needs of clients in our strategic vertical markets. Our primary vertical industries include e-commerce, food and beverage, fintech, healthcare and service, wholesale and retail that are fast-growing and have increasing level of digitalization potentials. Our configurable technology integrates seamlessly into our clients’ systems, empowering our clients to manage, improve their businesses and to win. As of June 30, 2023, we served over 200 clients across our core verticals such as food and beverage, wholesale and retail.
Digital technology continues to impact our world through its transformative capability and pervasive impact. Our management believes we have a successful track record of applying our proprietary technologies to respond to changing business needs and evolving client demands. Leveraging such experiences, we plan to launch a Web 3.0 e-commerce platform whereby customers and merchants can transact in a transparent and secure way, or Tridentity, in the fourth quarter of 2023.
**Note: Net loss and revenue figures are for the 12 months that ended June 30, 2023.
(Note: Some on the Street expect that Trident Digital Tech Holdings will price its IPO on Thursday night, Dec. 14, 2023, to trade Friday, Dec. 15, on the NASDAQ. But the deal’s pricing status is still under the general category of “week of Dec. 16, 2023) – pricing either during the week of Dec. 11, 2023, or the following week. Background: Trident Digital Tech Holdings filed an F-1/A on Oct. 19, 2023, in which it disclosed the terms for its IPO: 1.875 million American Depositary Shares (ADS) at a price range of $8.00 to $10.00 to raise $16.88 million. Each ADS represents 10 ordinary shares, the prospectus says. Background: Trident Digital Tech Holdings filed its F-1 on Oct. 4, 2023.)
🏁 Emerging Market ETF Launches
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
11/07/2023 - Global X MSCI Emerging Markets Covered Call ETF EMCC - Equity, leverage
11/07/2023 - Avantis Emerging Markets Small Cap Equity ETF AVEE - Active, equity, small caps
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
09/22/2023 - Matthews Pacific Tiger Active ETF ASIA - Active, equity, Asia
09/22/2023 - Matthews Emerging Markets Sustainable Future Active ETF EMSF - Active, equity, ESG
09/22/2023 - Matthews India Active ETF INDE - Active, equity, India
09/22/2023 - Matthews Japan Active ETF JPAN - Active, equity, Japan
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
08/25/2023 - KraneShares Dynamic Emerging Markets Strategy ETF KEM - Active, equity, emerging markets
08/18/2023 - Global X India Active ETF NDIA - Active, equity, India
08/18/2023 - Global X Brazil Active ETF BRAZ - Active, equity, Brazil
07/17/2023 - Matthews Korea Active ETF MKOR - Active, equity, South Korea
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Active, value, growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Passive, large + midcap stocks
03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China
03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based
1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets
1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets
1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic
1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets
12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock
12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets
9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets
9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy
9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG
9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets
9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets
9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG
7/14/2022 - Matthews China Active ETF MCH - Active, equity, China
7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets
7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia
6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets
5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic
4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets
4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]
4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG
4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic
2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic
2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets
1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology
1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy
1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG
🚽 Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
11/11/2023 - Global X China Innovation ETF - KEJI
11/11/2023 - Global X Emerging Markets Internet & E-commerce ETF - EWEB
11/09/2023 - Franklin FTSE South Africa ETF - FLZA
10/27/2023 - Simplify Emerging Markets Equity PLUS Downside Convexity - EMGD
10/20/2023 - WisdomTree India ex-State-Owned Enterprises Fund - IXSE
10/20/2023 - WisdomTree Chinese Yuan Strategy Fund - CYB
10/20/2023 - Loncar China BioPharma ETF - CHNA
10/18/2023 - KraneShares Emerging Markets Healthcare Index ETF - KMED
10/18/2023 - KraneShares MSCI China ESG Leaders Index ETF - KSEG
10/18/2023 - KraneShares CICC China Leaders 100 Index ETF - KFYP
10/16/2023 - Strategy Shares Halt Climate Change ETF - NZRO
09/20/2023 - VanEck China Growth Leaders ETF - GLCN
08/28/2023 - Asian Growth Cubs ETF - CUBS
08/01/2023 - VanEck Russia ETF - RSX
07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
06/16/2023 - AXS Short China Internet ETF - SWEB
04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG
3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE
3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE
3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE
3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM
2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD
1/13/2023 - First Trust Chindia ETF - FNI
12/28/2022 - Franklin FTSE Russia ETF - FLRU
12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT
8/22/2022 - iShares MSCI Colombia ETFI COL
6/10/2022 - Infusive Compounding Global Equities ETF JOYY
5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH
4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE
3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL
1/27/2022 - Legg Mason Global Infrastructure ETF INFR
1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).
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Emerging Market Links + The Week Ahead (January 29, 2024) was also published on our website under the Newsletter category.