Emerging Market Links + The Week Ahead (July 8, 2024)

Microsoft+Amazon's China struggles, AG targets Temu, new liabilities for Chinese directors, risk off signs, South Africa more bullish, FM reform, EM stock picks & the week ahead for emerging markets.

Caixin has reported how Microsoft is shutting physical stores in China in a shift to online-only sales plus Amazon is shutting down their Chinese Kindle e-bookstore as both can no longer compete effectively with local competitors.

At the same time, Momentum Works has noted how many are sceptical about Amazon’s new discount service to compete with Temu and Shein in the USA just as Beijing bolsters their backing for overseas E-Commerce warehouses.

However, the anti-CCP Epoch Times (via ZeroHedge) has reported how Amazon no doubt intends to take on their Chinese eCommerce competitors…:

The top prosecutor in Arkansas warned on July 2 that Americans should be wary of using the Temu marketplace app because it’s effectively a “data theft business.”

“The threat from China is not new, and it is real,” Arkansas Attorney General Tim Griffin told Fox Business on July 2, a week after his office filed a lawsuit against the company. “Temu is not an online marketplace like Amazon or Walmart. It’s a data theft business that sells goods as a means to an end.”

The USA has 50 elected Attorney Generals and all it takes is one who wants some attention from cable news channels (and some campaign donations to run for another political office…) to throw monkey wrenches into the best laid US expansion plans of Temu and Shein…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🌐 Publicly Listed Airport Stocks + Ground Support Equipment Stocks (Mid-2024) Partially $

  • Publicly listed airport stocks are typically not tied to commodity price changes and competition threats + some big airport operators operate multiple airports - including those in emerging markets.

• 🌐 EM Fund Stock Picks & Country Commentaries (July 7, 2024) Partially $

  • 150 trends to 2030 (adjusting for AI), AI's transformer bottleneck, India vs China's digital economy, Poland/Turkey/Greece/CEE doing well, where China avoiding funds invest, Asian stock plays, etc.

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📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Archived article

🇨🇳 Alibaba - back of the envelope valuation (Investing in China)

• The primary reason I’m writing this is that I recently saw an article projecting Alibaba’s free cash flow for the next 10 years, predicting a market value of 600 billion US dollars or even a trillion US dollars. You really can’t make that up.

• Alibaba (NYSE: BABA) is a well-researched and followed stock, making it challenging to have a unique analytical edge. The primary opportunities for gains lie in having a different time horizon or a different perspective.

• The current situation for Alibaba is straightforward, I wrote in more details here and also here.

• Let me summarize the main points:

🇨🇳 Why many are sceptical about Amazon’s new discount service (Momentum Works)

• The key success factor is not Amazon.com (NASDAQ: AMZN)’s size, but its leadership, people and organisation

• Last week, Amazon announced it would open a dedicated section offering low cost, unbranded items shipped directly from China.  Reports from Chinese and international media see this as a major attempt by Amazon to counter the growth of Chinese rivals especially Temu and SHEIN. 

• Under the scheme, sellers will send the goods (typically below US$20 in value) directly to Amazon’s warehouses in China, and Amazon will handle the cross border shipping and last mile fulfilment. Amazon expects that the end-to-end fulfilment cost will be almost half of the current FBA model.  

• Unlike Temu’s full consignment model, sellers for Amazon’s low price service will be able to set their own prices, with Amazon providing guidelines on the upper limits. 

• According to media reports, the low price service will be activated as soon as this autumn, in markets including but not limited to the US. Details are to be finalised.

🇨🇳 Is shunned Shein the future for blockbuster China IPOs? (Bamboo Works)

• The fast fashion sensation’s plan for a London listing may be coming unglued, after it abandoned a New York IPO plan for similar politically motivated reasons

• Shein may end up listing in Hong Kong, after its New York IPO plan collapsed and its latest London plan faces similar geopolitical pressures

• The case shows how blockbuster IPOs by Chinese firms are becoming more difficult in New York, though some major listings may still succeed

🇨🇳 Analysis: Why Kindle Couldn’t Keep the China Fire Burning (Caixin) $

• Amazon.com Inc (NASDAQ: AMZN) shut down the Kindle e-bookstore in China, concluding its exit by ceasing downloads and customer service for Kindle users.

• Originally popular, Kindle's market share declined due to competition from domestic apps and a shift towards smartphone reading.

• The trend reflects broader U.S. tech companies' retreat from China, including Microsoft’s retail closures [Microsoft Shuts Physical Stores in China in Shift to Online-Only Sales] and LinkedIn and Airbnb ceasing operations.

🇨🇳 Game operator ZX sees creative future in AI (Bamboo Works)

• The owner of the Tan Wan platform has invested HK$100 million to set up a subsidiary to apply artificial intelligence to the gaming industry  

• ZX Inc (HKG: 9890) revenue fell 26% to 6.51 billion yuan last year 

• The share price has been on a roller coaster ride since the company’s Hong Kong IPO last year 

🇨🇳 BYD’s Uzbekistan Plant Begins Mass Production of Plug-In Hybrids (Caixin) $

• BYD Company (HKG: 1211 / SHE: 002594 / OTCMKTS: BYDDY / BYDDF) has started producing plug-in hybrids at its new plant in Uzbekistan, with an initial capacity of 50,000 units annually.

• The plant, a joint venture with Uzavtosanoat JSC, will initially manufacture the BYD Song Plus DM-i SUV and BYD Chazor.

• BYD has expanded aggressively overseas, exporting nearly 98,000 passenger cars in Q1 2024 and planning a factory in Hungary.

🇨🇳 Chenqi bets big on robotaxis in Hong Kong IPO (Bamboo Works)

• The ride-sharing company’s listing could raise up to $167 million as its shares get set to debut next Wednesday

• Shares of Chenqi Technology (HKG: 9680) will make their trading debut next week, as the company banks on its new robotaxi segment to sell investors on its future

• The firm hopes to differentiate itself in the crowded ride-sharing market with its status as one of only three companies offering robotaxis in addition to manned vehicles

🇨🇳 Four things to know about Tianqi Lithium’s reversal of fortunes (Caixin) $

• Tianqi Lithium Corp (SHE: 002466 / HKG: 9696 / FRA: 2220) faced significant financial trouble due to plummeting lithium prices and heavy debts from earlier aggressive investments, leading to a 48% drop in stock price this year and a 3.9 billion yuan net loss in Q1 2024.

• The Chilean government's move to nationalize lithium assets and the rejection of Tianqi’s request for a shareholder vote on the SQM-Codelco partnership further compounds Tianqi's financial issues.

• Analysts have drastically cut profit estimates for Tianqi, with significant concerns about future profitability and the negative impact of global lithium market dynamics and political risks.

🇨🇳 ATRenew’s latest ESG report shows improving carbon emissions, gender diversity (Bamboo Works)

• The recycling specialist showcased a continued reduction in greenhouse gas emissions intensity and its progress in other corporate responsibility efforts in its fourth annual ESG report.

• ATRenew (NYSE: RERE)’s greenhouse gas emission intensity continued to decline in 2023, as it also took steps to further reduce other forms of pollution from its operations

• The company’s latest ESG report shows it’s proactively boosting its disclosures as future mandatory requirements look increasingly likely

🇨🇳 Fu Shou Yuan (1448 HK) (Asian Century Stocks)

• Fu Shou Yuan International Group (HKG: 1448 / OTCMKTS: FSHUF) (1448 HK － US$1.4 billion) is China’s largest death care provider, conducting funerals and operating cemeteries across 40 cities in 19 provinces.

• The company was founded in Shanghai in 1994 by taking over assets from a collectively owned enterprise. And its Shanghai operations continue to be important for the business, representing close to 50% of revenues.

• Fu Shou Yuan’s main business is selling burial plots to families of recently deceased individuals. It also sells funeral services, sells its landscaping expertise to third parties and constructs cremation machines for sale in China and beyond.

🇨🇳 Miniso’s penny-wise empire finds big bucks in rich countries (Bamboo Works)

• The seller of cheap lifestyle goods opened a massive store in Paris last month, the latest step in its ambition to win over bargain hunters worldwide

• MINISO Group Holding (NYSE: MNSO) accelerated its new store openings abroad in the first quarter to offset sluggish sales in its home China market

• About a third of the retailer’s revenue comes from stores outside China, as it moves to lower its reliance on shaky domestic demand

🇨🇳 Part 1: Chinese hot pot chains - a primer (Investing in China)

• With COVID-19 lockdowns ended and Chinese restaurant chains’ stocks plummeting, I recently took a closer look at these stocks with a particular focus on hot pot restaurants.

• I will cover Haidilao International Holding (HKG: 6862 / FRA: 8HI / OTCMKTS: HDALF), Xiabu Xiabu Catering or XBXB (HKG: 0520 / FRA: 0XI / OTCMKTS: XIAXF), and also Jiumaojiu International Holdings (HKG: 9922 / FRA: 3YU), which is not a pure hot pot play but has a chain called Song Hot Pot Factory that serves hot pot.

🇨🇳 Once branded a copycat jeweler, Zhou Liu Fu seeks gold in Hong Kong (Bamboo Works)

• The company, whose name resembles two popular Hong Kong rivals, has filed for a Hong Kong IPO after its application to list on China’s A-share market went nowhere

• Zhou Liu Fu has applied for a Hong Kong IPO, reporting its net profit rose nearly 15% last year to 660 million yuan 

• The jeweler is controversial due to its heavy reliance on franchising, and also because its name resembles two popular Hong Kong rivals

🇨🇳 Shunned by investors, Henlius hangs up on its Hong Kong listing (Bamboo Works)

• The Fosun-backed drugmaker’s privatization comes as its stock price has wilted over 60% since its IPO five years ago and it failed to use the listing to raise additional funds

• Despite sagging shares and a newly announced privatization plan, Shanghai Henlius Biotech (HKG: 2696 / OTCMKTS: SGBCF)’ business has been improving, including a net profit of 546 million yuan last year

• By fully absorbing Henlius, parent Fosun Pharma stands to directly benefit from the rapid growth of the unit’s high-quality assets

🇨🇳 Shenzhen Yuejiang Technology IPO Preview: Dobot Files to List IPO on Hong Kong Stock Exchange (Smartkarma) $

• Shenzhen Yuejiang Technology (Dobot), a China-based cobot company, filed for a Hong Kong IPO. Cobots are robots with operational robotic arms intended for collaboration within a shared space.

• Dobot was backed by CICC, CRRC VC, Greenpine Growth, Qianhai Equity, and China Internet Investment Fund, among others. The company was founded in 2015 in Shenzhen, PRC.

• The offering may attract significant investor interest after South Korea’s robotics company Doosan Robotics (KRX: 454910) could raise ~$318M in October 2023.

🇨🇳 🇭🇰 When it comes to online shopping, two China firms are making sure Hong Kong delivers (Caixin) $

• Hangzhou Sf Intra-City Industrial Co Ltd (HKG: 9699) and Cainiao Network Technology [Alibaba (NYSE: BABA)] are major Chinese firms expanding in Hong Kong's express delivery market, with plans for rapid delivery services and guaranteed delivery times.

• Hong Kong’s delivery sector has experienced significant growth, with the transport, warehouse, postal, and express delivery services seeing a 19.5% year-on-year increase in early 2023.

• The Hong Kong government is focusing on developing a modern logistics system to boost efficiency and meet the rising e-commerce demand.

🇭🇰 Asian Dividend Gems: Chow Tai Fook Jewellery (Asian Dividend Stocks)

• Chow Tai Fook Jewelry Group’s (HKG: 1929 / FRA: 1CT / OTCMKTS: CJEWY / CJEWF)'s shares are down 28.2% YTD, sharply underperforming the Hang Seng Index which is up 6% in the same period. We believe this divergence is excessive.

• Chow Tai Fook's dividend yield averaged 4.8% from FY20 to FY24. Its annual dividend payout averaged 107% in the same period.

• Chai Tai Fook is currently trading at attractive valuations. It is trading at P/E of 10.1x, EV/EBITDA of 7.5x, and P/B of 2.9x based on FY25 consensus earnings estimates.

🇭🇰 Esprit puts trademark up for sale after slipping out of style (Bamboo Works)

• The clothing company was at the cutting edge of fashion in the 1980s but has struggled with competition from newer brands and is left with a shrunken market cap

• Esprit Holdings Ltd (HKG: 0330 / FRA: ESHB / ESHA / OTCMKTS: ESPGY / ESHDF) announced it is in talks with a third party about selling its trademark and domain names in Greater China for $47.5 million

• The deal is unlikely to offer a major boost for Esprit or result in a special dividend

🇭🇰 CK Hutchison Holdings: A 'China Discount' Is Not Warranted (Seeking Alpha) $

• CK Hutchison (HKG: 0001 / FRA: 2CKA / OTCMKTS: CKHUY / CKHUF) trades at an inexpensive valuation both in terms of earnings multiples and relative to its sum of the parts valuation.

• The company's limited geographic exposure to Greater China makes a "China discount" unwarranted, in my opinion.

• I believe that, at the current share price, the stock is undervalued by up to 40 percent.

• CK Hutchison pays attractive dividends, yielding around 6.7 based on last year's cumulative distributions.

🇭🇰 AIA Group: Consider Share Buybacks And Q2 Outlook (Seeking Alpha) $

• AIA Group (HKG: 1299 / FRA: 7A2 / OTCMKTS: AAIGF)'s enlarged share repurchase program suggests that the stock's potential 2024 shareholder yield could be in the high-single digit percentage range.

• The increased regulatory scrutiny of Mainland Chinese Visitors' insurance sales in Hong Kong might possibly affect AAGIY's near-term financial performance.

• My rating for AIA Group remains as a Hold following my assessment of the company's future shareholder capital return and Q2 results.

🇭🇰 🇧🇩 Issue#5 : 3 Cheap oddball stocks (Bargain Stocks Radar)

• The first in Beximco Pharmaceuticals (DSE: BXPH / LON: BXP / FRA: R2WA), a Bangladesh based company that is listed in Dhaka, and also London with the ticker BXP. The London-listed shares are technically depositary receipts, not shares.

• The company manufactures and markets generic pharmaceuticals. These products include solid, liquid, creams, and ointments, suppositories, metered dose inhalers, dry powder inhalers, nasal sprays, etc. I suggest visiting their website to see the full range of products.

• Moving from Dhaka further east, the next company to highlight is San Miguel Brewery Hong Kong (HKG: 0236), a microcap listed in HK.

• As the name suggests the company is engaged in the beer business, both manufacturing/distribution of it’s own brand, and distribution of imported brands into Hong Kong and southern parts of China.

🇰🇷 What Did NPS Buy and Sell in Korean Stock Market in 2Q 2024? (Douglas Research Insights) $

• On 4 July, [National Pension Service] NPS disclosed the details of the ownership changes for 112 listed companies in Korea, of which 87 were listed in KOSPI and 25 in KOSDAQ.

• In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies in Korea.

• NPS reduced its capital allocation to the military & defense sector. NPS reduced its stake in LIG Nex1 Co (KRX: 079550) (-2.32%), Poongsan Holdings Corporation (KRX: 005810) (-2.24%), and Hanwha Aerospace (KRX: 012450) (-1.02%).

🇰🇷 Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2024) (Douglas Research Insights) $

• In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in May and June 2024.

• On average, the share buyback announcements for the 13 companies that announced share buybacks in Korea represented 1.7% of outstanding shares.

• Major companies that have announced share buybacks in Korea in the past two months include Celltrion (KRX: 068270), SK IE Technology Co Ltd (KRX: 361610), and NCsoft (KRX: 036570).

🇰🇷 Gap Trades in Korean Prefs Vs Common Share Pairs in 3Q 2024 (Douglas Research Insights) $

• In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 3Q 2024.

• The recent push for Korea Value Up program has helped to push up prices of numerous Korean preferred stocks including Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF).

• On a longer timeframe (3-4 years), we believe this discount could narrow further to the 20-25% range, which provides additional opportunities for the Korean preferred shares to further make gains.

🇰🇷 Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2024 (Douglas Research Insights) $

• In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 3Q 2024.

• Of the 38 pair trades, 21 of them involved holdcos outperforming opcos in the past six months, suggesting increased capital allocation to Korean holdcos relative to their opcos.

• These pairs could generate trading opportunities in terms of their pricing gaps closing reversal (Doosan Corp (KRX: 000150) vs. Doosan Enerbility (KRX: 034020); Hyundai Mobis (KRX: 012330) vs Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) ).

🇰🇷 SK Telecom: Top Dog In The Telecommunications Space (Seeking Alpha) $

• SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) is a top player in the telecommunications space worthy of a Buy rating, taking into account market share data and third-party research.

• SKM is the leading mobile services provider in South Korea, with an estimated market share in the 40%-50% range.

• SK Telecom was recently named by Omdia as the No. 1 telecommunications company with regard to AI competitiveness.

🇰🇷 Battery maker SK On declares ‘emergency’ as EV sales disappoint (FT) $ 🗃️

• Supplier to Ford and Volkswagen may have to be rescued by its South Korean parent as losses mount

• SK On [part of SK Innovation (KRX: 096770)], the world’s fourth-largest EV battery maker behind Chinese giants Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) and BYD Company (HKG: 1211 / SHE: 002594 / OTCMKTS: BYDDY / BYDDF) and South Korean rival LG Energy Solution (KRX: 373220), has recorded losses for 10 consecutive quarters since being spun off by its parent company in 2021.

🇰🇷 S.Korea needs white paper on Korean-style IRs: scholar (GGRAsia)

• South Korea needs a policy “white paper” on the role and future of its own casino industry, in the face of a “big threat” competition-wise from a Japanese integrated resort (IR) with casino, MGM Osaka, due to open in 2030.

• That is according to Yang Hyung-eun, a researcher of the Institute of Amusement Industry Studies at Osaka University of Commerce, in Japan.

• His thoughts are in an opinion article in the Korea Times, published last week.

• South Korea has 18 casinos, but only one of them – Kangwon Land (KRX: 035250) – has gaming facilities open to local players. Regional competition for players is building in the wake of factors including China’s campaign on mainlanders gambling while overseas.

🇰🇷 Paradise: Expansion into High End Hotel Likely to Destroy Shareholder Value (Douglas Research Insights) $

• On 2 July, Paradise Co Ltd (KOSDAQ: 034230) announced that it will construct a new high end luxury hotel in Seoul spending about 500 billion won to 550 billion won.

• We believe that this construction of the new luxury hotel will have a negative impact on shares of Paradise.

• Rather than investing a large sum of money to build a new hotel, many investors would rather have preferred Paradise to increase share buybacks and dividends.

🇰🇷 ABL Bio Capital Raise of 140 Billion Won (Douglas Research Insights) $

• On 2 July, ABL Bio (KOSDAQ: 298380) announced a capital raise worth 140 billion won.

• The capital raise involves 5.77 million new shares (10.7% of outstanding shares post capital raise) at 24,229 won per share (current price is 24,150 won).

• The proceeds from the capital raise will be used to develop next-generation ADCs (Antibody Drug Conjugates), including bispecific antibody ADCs.

🇰🇷 Hanwha Energy Launches Tender Offer of 180 Billion Won Worth of Hanwha Corp (Douglas Research Insights) $

• On 5 July, Hanwha Energy announced a tender offer of 8% stake in Hanwha Corporation (KRX: 000880) worth 180 billion won.

• The tender offer price is 30,000 won. Hanwha Energy will launch a tender offer for up to 6 million shares of Hanwha Corp, representing 8% of outstanding shares.

• Hanwha Corp's 34% stake in Hanwha Aerospace (KRX: 012450) which is worth 4.2 trillion won. (191% of Hanwha Corp's market cap).

🇰🇷 Shift Up IPO Book Building Results Analysis (Douglas Research Insights) $

• [Leading game developer] Shift Up reported solid IPO book building results. Shift Up's IPO price has been determined at 60,000 won won, which is at the high end of the IPO price range.

• The demand ratio was 226 to 1. Shift Up will start trading on 11 July.

• Our base case valuation of Shift Up is market cap of 5.7 trillion won or target price of 95,510 won (59% higher than the IPO price of 60,000 won).

🇰🇷 🇦🇺 IPO Watch: 3 High-Growth Companies Going Public or Recently Listed (The Smart Investor)

• Discover the next big IPO success stories following the impressive growth of Arm and Reddit.

• Here are some reputable companies going public or currently in the process of applying for an IPO.

  • Owned by South Korea’s internet giant NAVER (KRX: 035420 / OTCMKTS: NHNCF), Webtoon Entertainment (NASDAQ: WBTN) is one of the world’s largest platforms for online stories and comics. 

  • Headquartered in Singapore, Shein is one of the biggest players in the fast and affordable fashion industry. 

  • Guzman y Gomez (ASX: GYG / FRA: W92), the Mexican food chain well-known to Singaporeans, has gone public recently. Founded in Sydney in 2006, GYG now operates over 200 outlets in Australia, Singapore, Japan and the United States.

🇮🇩 Telekomunikasi Indonesia: Brilliant Entry Point For Indonesia's Leading Telecom Giant (Seeking Alpha) $

• PT Telkom Indonesia Persero Tbk (NYSE: TLK) is a leading telecom company in Indonesia with ample growth potential and strong financial performance.

• Shares have sold off due to pricing concerns, underperforming the iShares MSCI Indonesia ETF by 17 percentage points.

• The Indonesian telecom market has the potential to become one of the world's largest, with Telkom Indonesia well-positioned to outperform.

🇮🇩 Hyundai and LG Energy open Indonesia’s first battery cell factory (FT) $ 🗃️

• South-east Asian country wants to move up electric vehicle value chain

• Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) and LG Energy Solution (KRX: 373220) have opened a $1.1bn battery cell plant in Indonesia as the south-east Asian country works to build an electric vehicle ecosystem.

🇵🇭 International Container Terminal Services: Positive Outlook (Rating Upgrade) (Seeking Alpha) $

• International Container Terminal Services (ICTSI) (PSE: ICT / OTCMKTS: ICTEF)' or ICTSI's full-year 2024 results will benefit from higher tariffs for its key Manila International Container Terminal asset.

• ICTSI's inorganic growth prospects are favorable, and a potential short-term catalyst might be the conclusion of the Durban Container Terminal deal.

• I upgrade my rating for ICTSI to a Buy, after assessing its outlook and valuations.

🇸🇬 SATS and SIA Engineering Are Seeing an Aviation Recovery: Can Their Share Prices Soar to Greater Heights? (The Smart Investor)

• The aviation and travel demand recovery has benefitted a slew of aviation-related companies. Can their share prices hit a new high?

• Despite this recovery, shares of aviation-related companies SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) and SIA Engineering Company Ltd (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF), or SIAEC, have not done so well.

• With a sustained aviation recovery underway, can both companies see their share prices heading higher?

  • SATS: Record revenue with a return to profitability

  • SATS: Clear plans to grow the business

  • SIAEC: Higher profits along with twice-yearly dividends

  • SIAEC: Gearing up for further growth

🇸🇬 Sembcorp Industries’ Share Price Has Dipped 10% This Year: Can the Utility Specialist See a Rebound? (The Smart Investor)

• Does Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) have what it takes to see its share price scale new heights?

• Over the next two years, the utility and urban development group saw its share price leap 69% and 57.1% in 2022 and 2023, respectively, to end at S$3.38 and S$5.31.

• Can the blue-chip group see a potential rebound and see its share price surpass its recent 52-week high of S$6.10?

  • Multi-year financial improvement

  • A multi-prong growth model

  • 2028 strategic plans

  • Recent business developments

🇸🇬 Grindrod Shipping: Major Shareholder's Takeover Attempt Successful, Stock Will Likely Delist Soon (Seeking Alpha) $

• The Selective Capital Reduction plan was approved by the Extraordinary General Meeting and Grindrod Shipping (NASDAQ: GRIN) shareholders will likely receive 14.25 USD per share after the Singaporean High Court approves the decisions.

• Taylor Maritime Investments (LON: TMIP / TMI / FRA: 91E / OTCMKTS: TMILF) will likely become the sole shareholder and Grindrod shares will be delisted from NASDAQ and JSE.

• The best option, in my opinion, for current shareholders is to wait Singaporean High Court's approval of the decisions and receive 14.25 USD per share.

🇸🇬 Flex Provides Exposure To 2 Verticals That Have Strong Secular Tailwinds (Seeking Alpha) $

• The Company offers direct exposure to high-growth data centers and automotive verticals.

• Demand for data centers, driven by AI, is a key growth driver for Flex (NASDAQ: FLEX), with the company covering 80% of the parts needed for data centers.

• Flex's EPS is expected to grow faster than revenue, supported by higher margins in high-growth segments and strong capital returns.

🇮🇳 Precot Limited: A Niche Technical Textile Player (Smartkarma) $

Precot Ltd (NSE: PRECOT)

• Niche Player in Cotton yarn spinning and Technical Textile with decadal experience.

• Expansion in Technical Textile during FY24 will significantly improve the margin profile and revenue for the company.

• Peer Comparison and assessment at multiple metrics to assess the suitability of investment.

🇮🇳 Infosys: Still A Buy But Watch These Key Levels For Support (Seeking Alpha) $

• Lyn Alden discusses the fundamental snapshot for Infosys (NYSE: INFY), highlighting valuation risks and concerns about AI disruption.

• Infosys is expected to see higher prices in the coming weeks to months, but with key support levels to watch.

• Our methodology suggests potential for Infosys to reach $23, but support at $16 must hold; see more in the article for how we arrive at these price levels.

🇿🇦 Mr Price’s CEO gets a whopping big pay boost from long and short-term incentives (IOL)

• [Cash-based omni-channel fashion-value retailer] Mr Price Group (JSE: MRP / FRA: M5M1 / OTCMKTS: MRPLY) CEO Mark Blair’s remuneration increased markedly, by more than 300%, to R45.91 million in the year to March 31, from R10.67m the year before, after he benefited mainly from significantly higher long-term and short-term incentive share awards.

• Executive remuneration is closely watched by shareholders because it has an impact on the performance of the company, the direction that the company is going, if the pay is in line with the company’s peers, how the executive performed according to targets and it can also indicate how much the company is willing to spend to attract the right talent to a company.

🇿🇦 Shoprite launches online shopping, bulk delivery service for spaza shops (IOL)

• Shoprite Group (JSE: SHP) has introduced an innovative digital solution for its Cash & Carry stores, marking the wholesale brand’s first venture into e-commerce.

• This comes as the group has upped its e-commerce game as it announced in May that its Checkers Sixty60 was beta testing the new and improved version of its app, enabling customers to shop for more than 10 000 larger Hyper products, with same-day delivery scheduled within a 60-minute time slot.

• These moves come hot on the heels of Amazon’s launch in South Africa in May, bringing a stiff competition in the fast-growing e-commerce retail sector.

🇿🇦 Clicks to sell stake in Unicorn following Constitutional Court judgement (IOL)

• The Clicks Group (JSE: CLS / FRA: N1C / OTCMKTS: CLCGY) said yesterday that it would sell its stake in Unicorn Pharmaceuticals following a Constitutional Court decision in March 2023, on regulations that prohibit pharmacies from owning pharmaceutical manufacturers.

• Click’s online web site showed it had spent R314 million in new stores and pharmacies, store refurbishments, supply chain and information technology in its year to February 28, 2024.

• It plans to accelerate this store expansion programme by opening another 50 to 55 stores in the short term, with a further 10 to 20 pharmacies planned to be opened.

🇿🇦 Bidvest puts its bank up for sale, makes another offshore acquisition (IOL)

• Bidvest Group (JSE: BVT / FRA: NQL / FRA: NQL1 / OTCMKTS: BDVSY), which announced yet another offshore acquisition yesterday, plans to sell its bank through a restructuring of its financial services division.

• The group announced also that it is acquiring 100% of Canada-based Citron Hygiene from Birch Hill Equity Partners and other investors for an undisclosed sum. Citron serves about 50 000 customer locations from seven branches in Canada, four in the US and 10 in the UK.

• Bidvest said the hygiene services market was resilient with compelling unit economics. Structural growth drivers included hygiene and safety standards, a growing population, urbanisation as well as period dignity awareness.

• Legislation around free vending of menstrual products in washrooms in North America added further growth momentum. Bidvest believed that the total addressable market in Citron’s North American territories was exponentially bigger than Citron’s current revenue.

🇿🇦 🇿🇼 Tongaat Hulett’s Zim unit skips dividend as it comes under fiscal pressure & Tongaat warns its listing might end after share subscription by Vision (IOL)

• [Feedstocks of sugarcane and maize + property stock] Tongaat Hulett (JSE: TON)’s Zimbabwean listed unit – Hippo Valley – has had to divert domestic market volumes to the export market owing to decreasing local sales due to unfriendly fiscal conditions that drove up the cost of doing business during the year to end-March.

• Hippo Valley and non-listed Triangle Sugar Corporation make up the Zimbabwe operations for troubled Tongaat Hulett. The company opted to skip a dividend for the year under review.

🇿🇦 Mining stocks recoup June losses after rallying on JSE (IOL)

• The majority of mining stocks on the JSE yesterday put up a stronger performance despite mining shares on the local bourse, including Thungela Resources (LON: TGA / JSE: TGA / FRA: 6UP / OTCMKTS: TNGRF), Sibanye Stillwater Ltd (NYSE: SBSW), and Kumba Iron Ore (JSE: KIO / OTCMKTS: KIROY / KUMBF) making up the worst performers in June, with the exception of Pan African Resources (LON: PAF / JSE: PAN / OTCMKTS: PAFRF / PAFRY) which notched up a 50% year-to-date strengthening.

• This comes as the Minerals Council called on Minerals and Petroleum Resources Minister Gwede Mantashe to use his reappointment to make the industry investor-friendly and said his return to the portfolio would allow for continuity of policy discussions and interactions.

🇿🇦 Week-long strike ends after rocking Implats’s troubled Bafokeng operation (IOL)

• However, analysts said yesterday Implats’s acquisition of shares in Bafokeng Platinum mines had so far been tough, .

• Impala Platinum Holdings (JSE: IMP / LON: 0S2J / FRA: IPHB / OTCMKTS: IMPUY / IMPUF) – just like other platinum group metals (PGM) miners such as Sibanye Stillwater Ltd (NYSE: SBSW) – has been facing turbulence to operations owing to low prices for the precious metal.

• The South African PGM miners have been forced to retrench workers from shafts and to save head office and regional offices costs.

🇿🇦 Sibanye-Stillwater lays off 11 500 workers in 18 months (IOL)

• The company is now consolidating its gold and PGM operations under a single operating structure.

• “To optimise the SA region for sustained, safe production, the SA gold and PGM operations will be consolidated into a single regional operational structure with functional support from a streamlined services structure.

• “The revised operating model and structure will enable operational teams to focus on core operational outputs, with services support geared towards operational delivery and creating an enabling environment for innovation and sustainability,” the company said.

🇵🇱 Dino Polska SA: Ongoing Price War To Hurt Growth And Margins (Seeking Alpha) $

• Sell rating for Dino Polska (WSE: DNP / FRA: 5Y2 / OTCMKTS: DNOPY) due to the ongoing price war in Poland.

• Competition is intensifying, which should lead to a slowdown in growth and margin compression.

• I expect the market to downgrade DINO's valuation closer to peers if this situation continues.

🇬🇬 Coming to the nuisance with Burford Capital $BUR. What is going on? (Value Degen’s Substack)

• Burford Capital Limited (NYSE: BUR) is a founder-led international corporate litigation finance firm which for the last fifteen years has been financing large corporate lawsuits, $30 million average size.  They use a buy and hold strategy because there is no secondary marketplace to sell half-finished lawsuits.  They use not only their own money, but they also have external investors whose capital they deploy for a management fee alongside their own capital. 

• BUR became a FinTwit favorite when it was announced in September of 2023 that a New York judge found against Argentina in the nationalization of an energy company, YPF Sociedad Anonima (YPF) [Ypf Sa (NYSE: YPF)] and awarded damages of $16 billion.  However the case is still under appeal with an estimated timeline for the conclusion of that appeal being sometime in 2025.  If Argentina’s appeal fails, BUR’s portion of the $16 billion is described by the CEO as “considerable,” and estimated to potentially be somewhere between $1.4 billion and $6.2 billion depending on the news source.  The market cap of BUR sits at $2.8 billion, for comparison.  

🇫🇰 Falkland Islands – the next big thing? (Undervalued Shares)

• The oldie but goldie among Falkland Islands related stocks is FIH Group PLC (LON: FIH / FRA: FBLM) (ISIN GB00BD0CWJ91, UK:FIH).

• When I first reported about this company two decades ago, it was called Falkland Islands Holdings (hence "FIH"). Among other assets, it owned 100% of The Falkland Islands Company, which was granted its Royal Charter in 1852 to settle, develop and exploit the Falkland Islands. The company has since broadened its portfolio to include some investments in the UK, and it also changed its name.

• A more specialist, speculative play with much more upside is Rockhopper Exploration (LON: RKH / FRA: R4Y / OTCMKTS: RCKHF) (ISIN GB00B0FVQX23, UK:RKH).

• This is a GBP 90m (USD 114m) market cap company that discovered the Sea Lion oil field mentioned in the Daily Telegraph report.

• On 23 September 2022, Rockhopper Exploration finalised a deal with Navitas Petroleum (TLV: NVPT) (ISIN IL0011419699, IL:NVPT), an Israel-based energy firm with a focus on the Americas. Navitas Petroleum has both the expertise and the necessary access to capital to make the Sea Lion oil field come into life.

🌎 MercadoLibre: It May Be Just The Beginning Of A Great Rally (Seeking Alpha) $

• MercadoLibre (NASDAQ: MELI) stock has increased by 21.6% since my bullish call three months ago, outperforming the S&P 500 index. I believe it's just the beginning.

• After MELI's Q1 results, Wall Street estimates have not increased significantly overall. But the business is blooming as far as I see.

• MercadoLibre's fintech arm, MercadoPago, is driving high-quality growth, with significant increases in total assets under management and credit portfolio.

• The company's operating profit margin could reach 35% by 2028, potentially increasing its stock to $2,300-$2,500 shortly, based on my DCF model.

• I believe that MELI's long-term uptrend will continue - hence my "Buy" rating update today.

🌎 Arcos Dorados: Wonderful Business, Selling For A Discount (Upgrade) (Seeking Alpha) $

• Arcos Dorados Holdings Inc (NYSE: ARCO) is the largest QSR operator in Latin America and contributes 4% of McDonald's systemwide sales.

• Arcos shares have been punished alongside McDonald's, as McDonald's systemwide sales slow. However, Arcos sales are still showing strong momentum.

• The sum-of-the-parts model points to $12/share in equity value.

• Raising recommendation to a buy.

🇧🇷 Why Nubank’s NPLs Are Rising: An In-Depth Analysis + Nubank's Credit Strategy Amid Rising NPLs (Giro's Newsletter)

• Nu Holdings (NYSE: NU), Brazil's leading digital bank, faces rising non-performing loans (NPLs) despite rapid growth. This post explores the factors behind this trend, including Nubank’s business model, customer demographics, and regulatory challenges, and offers potential solutions.

🇧🇷 A Banker Analyzes Nubank (Multibagger Nuggets)

• A deep analysis of Nu Holdings (NYSE: NU) from an insider working at one of the biggest global banks.

• Before I start, if you haven’t heard Kris’ conversation with Fede Sandler, this is your reminder to do so because of his original insight and also because his influence can still be seen in the materials both Mercado Libre (NASDAQ: MELI) and NU put out, which is, exceptional.

🇧🇷 Nu Holdings Investment Thesis (The Wolf of Harcourt Street)

• Nu Holdings (NYSE: NU) trades on the NYSE having gone public via an initial IPO in December 2021. In May 2024, Nubank became the first bank to reach 100 million customers outside of Asia.

• What has been the secret to Nubank becoming the world's largest digital banking platform outside of Asia and is it worth investing in today?

🇧🇷 BRF: The Recent Rise Is Not A Chicken Flight (Seeking Alpha) $

• Brazil is a powerhouse in agribusiness, and BRF Brasil Foods SA (NYSE: BRFS / BVMF: BRFS3) has a prominent position in the poultry market.

• The company's costs have fallen, which should bring even better margins in the short term.

• BRFS has an attractive valuation based on the EV/EBITDA multiple and is experiencing very strong momentum.

🇧🇷 Why Vale Could Rebound (Seeking Alpha) $

• Vale (NYSE: VALE) has plunged nearly 30% YTD due to falling iron ore prices, but its solid operational performance positions it well in the face of market fluctuations.

• Increased iron ore production suggests producers expect a rebound in prices and demand, hinting that Vale's stock may have found a bottom and could rebound with signs of recovery.

• Vale's investments in nickel and copper for the EV market, coupled with early signs of Chinese economic recovery, support its performance against iron ore price fluctuations.

• Vale's commitment to ESG initiatives enhances its market position, attracting socially responsible investors and reinforcing its long-term growth potential.

🇧🇷 Why Petrobras Stock Deserves A Downgrade (Seeking Alpha) $

• I believe Petrobras (NYSE: PBR / PBR-A) stock should be downgraded due to recent management news and other factors, despite some uncertainty already being priced in.

• Recent financial data shows declining profitability, margins, and top-line revenue for Petrobras.

• The weakening of the Brazilian real further exacerbates these issues and impacts local revenues, which account for 70% of the company's total turnover.

• Petrobras currently trades at 4.5 times next year's earnings, which is about 60% below the energy sector median figure.

• I downgrade Petrobras to "Hold" due to a high likelihood of missing EPS and revenue expectations in Q2.

🇲🇽 🇦🇷 Vista Energia: Best Oil Stock In Latam (Seeking Alpha) $

• Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA) should execute a 17% shale oil production CAGR through 2030.

• Argentina's de-risking has made the company and its Vaca Muerta assets highly valuable.

• Consensus cash earnings growth of over 30% on a cheap valuation of 5.5x P/E (cash) or 0.2x PEG makes the share compelling.

• Vista cash cost of US$20 BOE provides for cash flow to fund US$1bn yearly capex.

🇲🇽 Coca-Cola FEMSA: It's Time To Buy The Bottler (Seeking Alpha) $

• Coca-Cola Femsa SAB de CV (NYSE: KOF) offers an attractive yield and an impressive five-year dividend growth rate of 13.5%.

• Its current valuation is below historical averages, creating a buying opportunity.

• The company has maintained a healthy balance sheet despite inflationary pressures.

🇲🇽 More hidden gems in Mexico P5 (Bos Invest Substack)

• An even better way to play a construction boom in Mexico & an in depth analysis of Tequila manufacturer Becle SAB de CV (Cuervo) (BMV: CUERVO / FRA: 6BE / OTCMKTS: BCCLF). Anyone interested in Chemical stocks? please comment.

• Corporacion Moctezuma SAB de CV (BMV: CMOCTEZ / OTCMKTS: CMZOF): Mexican cement company. Market cap 66.4B pesos, 7B pesos net cash. 10.3 times earnings. Pure play exposure to Mexico with a nice shareholder yield. Dividend of 6.7% plus share repurchases.

• CMR SAB (BMV: CMRB) is a Mexico-based company primarily engaged in the management of restaurants.

• Convertidora Industrial SAB (BMV: CONVERA) is a Mexico-based company engaged in the production, distribution and sale of plastic film for food packaging and articles used for party's decorations.

• Axtel SAB de CV (BMV: AXTELCPO / FRA: 4GK / OTCMKTS: AXTLF) is a telecommunications services provider.

• Cydsa SAB de CV (BMV: CYDSASAA / OTCMKTS: CDSAF) is active in Chemicals.

• Dine SAB de CV (BMV: DINEB) focuses on the construction and promotion of residential and touristic properties, as well as development of large-scale commercial spaces.

🇲🇽 Cementos Moctezuma – Analysis and Valuation (Dola Capital)

• A deep dive on the Mexican cement industry and one of the most profitable cement companies in the world.

• Corporacion Moctezuma SAB de CV (BMV: CMOCTEZ / OTCMKTS: CMZOF) is a highly profitable unleveraged business–in the past 5 years, it generated an average return on invested capital of 59%.

• The company enjoys competitive advantages in production scale and distribution, thanks to its production capacity, location of cement plants and quarries, and the relationships it has built with railway operators that allow it access to railway spurs to load cement directly in its plants.

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📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Archived article

🇨🇳 Analysis: How to Keep Foreign Capital Flowing Into Chinese Stocks (Caixin) $

• Net overseas investment in the Chinese stock market via the Stock Connect program reached 83 billion yuan ($11.7 billion) in early 2023.

• The surge was driven by better-than-expected earnings of listed companies, eased property market concerns, and favorable foreign market conditions.

• Sustaining foreign capital inflows depends on strong economic fundamentals, comprehensive policies, and improved U.S.-China relations.

🇨🇳 New Law to Give Communist Party Bigger Say in Supervising China’s Financial System (Caixin) $

• The new draft of China's Financial Stability Law increases the Communist Party's role in managing financial risks and unifies fragmented financial regulations.

• The financial work leadership agency of the party’s Central Committee will oversee decision-making, coordination, and policy formulation for financial stability.

• The Central Financial Commission (CFC) now reinforces centralized leadership over financial work, absorbing the previous Financial Stability and Development Committee.

🇨🇳 Being a director in China has just become much tougher (FT) $ 🗃️

• Changes to company law imposes new liabilities for those taking on the role

🇨🇳 China stabbing attacks raise concerns of growing social tensions (FT) $ 🗃️

• Economic doldrums, unemployment and isolation could be playing into crime wave, analysts say

🇨🇳 China exerts new control over its young expats in the US (FT) $ 🗃️

• Students and workers who joined the Communist party say they have been asked to spread propaganda

🇨🇳 Beijing Bolsters Backing for Overseas E-Commerce Warehouses (Caixin) $

• Beijing has implemented policies to support building overseas warehouses to boost e-commerce globalization amid home market competition.

• The effort includes tax reimbursements and industrial funds, with significant growth expected in the e-commerce export warehousing market.

• Despite strong demand, challenges remain such as high costs and long investment return cycles.

🇨🇳 Americans Warned To Stop Shopping Via Chinese App Temu (The Epoch Times via ZeroHedge)

• The top prosecutor in Arkansas warned on July 2 that Americans should be wary of using the Temu marketplace app because it’s effectively a “data theft business.”

• “The threat from China is not new, and it is real,” Arkansas Attorney General Tim Griffin told Fox Business on July 2, a week after his office filed a lawsuit against the company. “Temu is not an online marketplace like Amazon or Walmart. It’s a data theft business that sells goods as a means to an end.”

• The suit primarily cites research from Grizzly Research [We believe PDD is a Dying Fraudulent Company and its Shopping App TEMU is Cleverly Hidden Spyware that Poses an Urgent Security Threat to U.S. National Interests], which analyzes publicly traded firms, and alleges that Temu can “purposely ... gain unrestricted access to a user’s phone operating system, including, but not limited to, a user’s camera, specific location, contacts, text messages, documents, and other applications.”

• In its report, Grizzly Research said that it suspects that Temu is “already, or intends to, illegally sell stolen data from Western country customers to sustain a business model that is otherwise doomed for failure.”

🇰🇷 Three Risk-Off Signals Offset by One Risk-On Signal? (Douglas Research Insights) $

• The three risk-off signals include the decline in the Bitcoin price, decline in the copper price, and the first day share price performances of recent Korean IPOs.

• These three risk-off signals are offset by one major risk-on signal which includes the U.S. Junk Bond-Treasury Yield spread.

• An important risk-off signal is the first day share price performances of major Korean IPOs after listing. We have started to see some weakness on this signal in July.

🇰🇷 Korean Government Announces Corporate and Dividend Tax Incentives Under Corporate Value Up Program (Douglas Research Insights) $

• The Korean government announced corporate tax incentives for companies that actively increase capital returns to shareholders and also dividend tax incentives and as part of the Corporate Value Up program.

• For companies that provide shareholder returns, a 5% corporate tax amount on the increase will be deducted and the tax burden on increased dividends of the company will be reduced.

• For dividends under 20mn won, the tax rate will be reduced from 14% to 9%. Investor can choose lower rate (25% or comprehensive tax rate) for dividends exceeding 20mn won.

🇿🇦 Financial markets remain bullish after SA picks Cabinet (IOL)

• The announcement of the new Cabinet of the Government of National Unity by President Cyril Ramaphosa last Sunday, brought calmness to South Africa’s financial markets.

• Expectations that the South African economy may grow by more than 2% in 2024 also started to emerge after the new Cabinet was announced.

• Six favourable factors underline this possibility. The absence of load shedding since the beginning of April, expected lower interest and inflation rates, a stronger rand exchange rate due to capital inflows, better exports due to better infrastructure and higher global prices for commodities, especially gold and platinum and the expectation of the government budget recording a primary surplus will steer this improved growth.

🌐 Frontier emerging markets stocks soar as investors cheer reforms (FT) $ 🗃️

• Argentina’s Merval leads Latin America as heavily indebted nations chart path to growth

• Argentina’s Merval index has led Latin American bourses, rising 53 per cent in US dollar terms, while Pakistan’s stock gauge is one of the best performing in Asia, as markets that until recently were seen as very troubled have outperformed larger and more expensive peers.

• These so-called frontier markets have been attractive because of their cheap valuations, say investors. In contrast, indices in more established markets such as Mexico and Brazil have declined in dollar terms as capital has been pulled towards surging artificial intelligence stocks in the US.

🌐 The Decline and Fall of the Petrodollar? (Project Syndicate)

• Although Saudi Arabia has been pricing its oil exports in US dollars for decades, there has been recent speculation that the country's leaders may be considering a change. What would that mean for US financial and monetary hegemony?

🌐 The Eclipse of the Petrodollar (Project Syndicate)

• Sometimes fake news reveals hidden truths, such as when it was recently reported that Saudi Arabia would end its agreement with the United States to price oil in dollars. Despite the many inaccuracies in these reports, and although the greenback’s global role endures, the momentum for de-dollarization is building.

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

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📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

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🗳️ Election Calendar

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

• Venezuela Venezuela Presidency Jul 28, 2024 (d) Confirmed May 20, 2018

• Jordan Jordanian House of Deputies Sep 10, 2024 (d) Confirmed Nov 10, 2020

• Romania Romanian Presidency Sep 15, 2024 (t Date not confirmed Nov 24, 2019

• Czech RepublicCzech Senate Sep 20, 2024 (d) Confirmed Sep 23, 2022

• Sri Lanka Sri Lankan Presidency Sep 30, 2024 (t) Date not confirmed Nov 16, 2019

• 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

• Uzbekistan Uzbekistani Legislative Chamber Oct 31, 2024 (t) Date not confirmed Dec 22, 2019

• Romania Romanian Senate Nov 24, 2024 (t) Date not confirmed Dec 6, 2020

• Namibia Namibian Presidency Nov 27, 2024 (d) Confirmed Nov 27, 2019

• Namibia Namibian National Assembly Nov 27, 2024 (d) Confirmed Nov 27, 2019

• Kazakhstan Referendum Nov 30, 2024 (t) Date not confirmed Jun 5, 2022

• Georgia Georgian Presidency Nov 30, 2024 (t) Date not confirmed Nov 28, 2018

• Romania Romanian Senate Dec 1, 2024 (t) Date not confirmed Dec 6, 2020

• Romania Romanian Chamber of Deputies Dec 1, 2024 (t) Date not confirmed Dec 6, 2020

• Ghana Ghanaian Presidency Dec 7, 2024 (t) Date not confirmed Dec 7, 2020

• Ghana Ghanaian Parliament Dec 7, 2024 (t) Date not confirmed Dec 7, 2020

• Thailand Referendum Dec 31, 2024 (t) Date not confirmed Aug 7, 2016

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📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

Autozi Internet Technology (Global) Ltd.AZI US Tiger Securities/ Kingswood, 2.5M Shares, $4.00-5.00, $11.3 mil, 7/8/2024 Week of

Our mission is to build a nationwide multi-brand service, or MBS, network enabled by an end-to-end, or E2E, automotive supply chain cloud platform equipped with software-as-a-service, or SaaS, management system, and to become the largest new energy vehicle aftermarket service platform for delivering lifecycle automotive services in China. (Incorporated in the Cayman Islands)

We are one of the leading and fast-growing lifecycle automotive service providers in China. In 2021, we ranked first in terms of the growth rate of revenues among all the lifecycle automotive service providers in China, according to the Frost & Sullivan report.

Founded in 2010, we provide high quality, affordable and professional one-stop automotive products and services through online and offline channels countrywide. Leveraging our online supply chain cloud platform, SaaS platforms and the network of MBS stores, we have established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufacturers and insurance companies with MBS stores and various automotive owners. Therefore, we have built an automotive supply and service chain cloud platform utilizing a suppliers-to-business-to-customers, or S2B2C, business model, with automotive manufacturers, auto parts manufacturers and insurance companies acting as the “suppliers,” MBS stores acting as the “business,” automotive owners acting as the “customers,” and us taking the role of “to” to link the industry players and provide the supply and service chain operation services to realize the process synchronization and optimization among the various transaction entities along with the automotive supply and service chain, from merchandise sourcing, ordering and payment, inventory control, and logistics and fulfilment management, to service rendering.

As of March 31, 2023, we had 252 MBS stores, covering five provinces and 17 cities in China. A year earlier – as of March 31, 2022 – we had 102 MBS stores. Most of the MBS stores carry our brand name, “Autozi,” which has a strong brand awareness in the markets we serve.

**Note: Net loss and revenue figures are in U.S. dollars for the fiscal year that ended Sept. 30, 2023.

(Note: Autozi Internet Technology (Global) Ltd. doubled the size of its IPO to 2.5 million Class A ordinary shares  – up from 1.25 million shares previously – and kept the price range at $4.00 to $5.00 to raise $11.25 million, according to an F-1/A filing dated June 11, 2024. The Beijing-based company updated its financial statements through the 12-month period that ended Sept. 30, 2023. Background: Autozi Internet Technology (Global) Ltd. cut its IPO’s size to 1.25 million shares – down from 2.5 million – at a price range of $4.00 to $5.00 to raise $5.63 million, according to an F-1/A filing dated April 25, 2024. the company added Kingswood as a joint book-runner to work with lead underwriter US Tiger Securities, according to the F-1/A filing dated April 25, 2024. More Background: Autozi Internet Technology (Global) Ltd. filed an F-1/A dated Aug. 21, 2023, in which it disclosed terms for its IPO: 2.5 million Class A ordinary shares at a price range of $8.00 to $10.00 to raise $22.5 million. Autozi Internet Technology (Global) Ltd. filed its F-1 without disclosing its IPO terms on July 7, 2023. The Beijing-based company submitted confidential IPO documents to the SEC on Jan. 18, 2023.) 

Majestic Ideal Holdings MJID R.F. Lafferty & Co./ WestPark Capital, 2.5M Shares, $4.00-5.00, $11.3 mil, 7/8/2024 Week of

We offer supply chain services to the apparel industry – yarn products and finished garments – in China. (Incorporated in the Cayman Islands)

We are a provider of SCM services in the apparel industry delivering a one-stop solution to our customers for a broad range of yarn products, textiles and finished garments. (SCM stands for supply chain management.)

Our service offerings encompass every key aspect of the supply chain of these products: market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management. Through our integrated capabilities, we provide end-to-end supply chain solutions that are tailored to meet our customers’ unique needs.

Competitive Strengths

We believe the following competitive strengths contribute to our success and differentiate us from our competitors:

•        We have a vertically integrated operation to provide one-stop apparel SCM services;

•        We work with a diverse range of quality suppliers to address different customer demands;

•        We are capable of turning a design concept into finished garments under a short lead time; and

•        Our management members have deep industry knowledge and proven track records.

Our Strategy

We intend to accomplish our goals by pursuing the following strategies:

•        Broaden our customer base and strengthen our customer relationships;

•        Maintain a quality supplier base and develop strategic relationships with suppliers;

•        Enhance quality of apparel products and efficiency of their production; and

•        Integrate sustainability aspects into product sourcing and environmental marketing.

Corporate History and Structure 

We are the knitwear business of a group of companies founded by our Controlling Shareholders, in the 1980s. Our business was launched in 2013 through Multi Ridge, a Hong Kong company then wholly-owned by our Controlling Shareholders. In 2014, Multi Ridge established New Brand as its wholly-owned subsidiary in the PRC. Since its establishment, New Brand has been focusing on providing apparel SCM services in China. For more details, see “Corporate History and Structure”.

 *Note: Net loss and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2023.

(Note: Majestic Ideal Holdings named R.F. Lafferty & Co. as a joint book-runner in an F-1/A filing dated June 18, 2024; R.F. Lafferty & Co. will work with joint book-runner WestPark Capital. Background: Majestic Ideal Holdings filed an F-1/A dated Nov. 16, 2023, in which it cut the number of shares – to 2.5 million shares – down from 3.8 million shares initially – and kept the price range at $4.00 to $5.00. In the filing, the company also said that is offering all 2.5 million shares in the IPO. Majestic Ideal Holdings also named WestPark Capital as its sole book-runner, replacing Univest Securities. In the Nov. 16, 2023, SEC filing, the company said that selling shareholders will offer 3.25 million shares through a separate resale prospectus. Majestic Ideal Holdings’ original terms had called for selling shareholders to offer 1.25 million shares – or about a third of the IPO – while the company would offer the remaining 2.5 million shares. Background: Majestic Ideal Holdings filed its F-1 on April 27, 2023.)

OrangeKloud Technology Inc. ORKT Maxim Group, 2.8M Shares, $4.75-5.25, $13.8 mil, 7/8/2024 Week of

(Incorporated in the Cayman Islands) 

Based in Singapore, we supply software development services to small and medium-sized enterprises (SMEs) in Singapore and Malaysia through our operating subsidiaries: 

MSC Consulting

OrangeKloud Singapore

MSCI Consulting 

*Note: Net loss and revenue are in U.S. dollars for the 12 months that ended Dec. 31, 2023.  (Financial results are shown here in U.S. dollars – converted from Singapore dollars – according to the prospectus.)

(Note: OrangeKloud Technology Inc. raised the lower end of it price range to $4.75 – up from $4.25 previously – to set the new price range at $4.75 to $5.25 – and kept the number of shares at 2.75 million shares – to raise $13.75 million, according to an F-1/A filing dated July 1, 2024.)

(Note: OrangeKloud Technology Inc. increased the size of its small-cap IPO – to 2.75 million shares – and increased the price range to $4.25 to $5.25 – to raise $13.06 million, according to an F-1/A filing dated June 24, 2024. With its most recent filing, OrangeKloud Technology expanded the IPO’s size back to just a notch below its original terms disclosed in late February 2024. Background: OrangeKloud Technology increased its IPO’s size in a May 8, 2024, filing (an F-1/A) with the SEC – enlarging the IPO to 2.5 million shares at a price range of $4.00 to $5.00 – to raise $11.25 million.)

(More Background: In an F-1/A filing dated March 21, 2024, OrangeKloud Technology cut its IPO’s size to 2.0 million shares – down from 3.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million. Background: OrangeKloud Technology Inc. filed its F-1 on Feb. 20, 2024, in which it disclosed terms for its small-cap IPO: 3.0 million shares at a price range of $4.00 to $5.00 to raise $13.5 million.)

WORK Medical Technology Group, Ltd. WOK Kingswood, 2.0M Shares, $4.00-4.00, $8.0 mil, 7/8/2024 Week of

(Incorporated in the Cayman Islands)

We are a holding company incorporated in the Cayman Islands. We conduct all of our operations through our operating entities established in the PRC, primarily Work Hangzhou, our wholly owned subsidiary, and its subsidiaries (collectively referred to herein as the “PRC subsidiaries”). The operations of our PRC subsidiaries could affect other parts of our business.

We are a supplier of medical devices in China. We develop and manufacture Class I and II medical devices and sell Class I and II disposable medical devices through operating subsidiaries in China. The PRC subsidiaries’ products include, to name a few, medical face masks, artery compression tourniquets for bleeding control, disposable breathing circuits for delivering oxygen and anesthetic gases, laryngeal mask airways for keeping patients’ airways open during anesthesia and endotracheal tubes for keeping the trachea open for air to get to the lungs.

The PRC subsidiaries have been providing medical devices to hospitals, pharmacies, and medical institutions since 2002. The PRC subsidiaries currently have a total of 20 medical devices in their product portfolio. All of them are sold domestically, and 15 of them are sold internationally.

In the Chinese market, the PRC subsidiaries’ products are sold in 34 provincial-level administrative regions. Internationally, the products are exported to more than 30 countries in Asia, Africa, Europe, North America, South America, and Oceania. I

The PRC subsidiaries have three types of customers, i) direct end-user customers, which include hospitals, pharmacies, and medical institutions, ii) domestic distributor customers that distribute the PRC subsidiaries’ products to end-user customers in China, and iii) export distributor customers that distribute the PRC subsidiaries’ products to end-user customers in Asia, Africa, Europe, North America, South America, and Oceania. The top 10 countries and regions outside of mainland China where these products are sold are Saudi Arabia, Germany, Switzerland, Hong Kong, France, Poland, Netherlands, Mexico, Romania and Russia.

As of Sept. 30, 2022, the PRC subsidiaries had a total of 1,058 customers, of which, 154 are direct end-user customers, 867 are domestic distributor customers, and 37 are export distributor customers. 

As of March 31, 2023, the PRC subsidiaries had a total of 874 customers, of which, 64 are direct end-user customers, 800 are domestic distributor customers, and 10 are export distributor customers. 

*Note: Net income and revenue are for the fiscal year that ended Sept. 30, 2023.

(Note: WORK Medical Technology Group Ltd. cut the size of its IPO to 2.0 million shares – down from 3.0 million shares initially – and kept the assumed IPO price at $4.00 – the low end of its previous price range of $4.00 to $5.00 – to raise $8.0 million, according to its F-1/A filing on May 21, 2024. Kingswood  replaced Univest Securities as the sole book-runner. WORK Medical Technology Group updated its financial statements through Sept. 30, 2023. Background: WORK Medical Technology Group, LTD.  filed an F-1/A dated Nov. 6, 2023, and disclosed terms for its IPO: 3.0 million shares at $4.00 to $5.00 to raise $13.5 million. WORK Medical Technology Group, LTD. filed its F-1 on April 27, 2023. The Chinese company submitted confidential IPO documents to the SEC on June 23, 2022.) 

Ming Shing Group Holdings MSW R.F. Lafferty & Co./ Revere Securities, 1.5M Shares, $5.50-7.50, $ 9.8 mil, 7/9/2024 Tuesday

Our mission is to become the leading wet trades works services provider in Hong Kong. We strive to provide quality services that comply with our customers’ quality standards, requirements, and specifications.

We are an exempted company incorporated under the laws of the Cayman Islands on August 2, 2022. As a holding company with no material operations of our own, we conduct our business through our wholly owned Hong Kong Operating Subsidiaries, MS (HK) Engineering Limited, and MS Engineering Co. Limited.

We mainly engage in wet trades works, such as plastering works, tile laying works, brick laying works, floor screeding works and marble works. We are an established wet trade works subcontractor with, according to the Frost & Sullivan report, a market share of approximately 0.4% in 2021.

MS (HK) Engineering Limited is a registered subcontractor and a registered specialist trade contractor under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council and undertakes both private and public sector projects, while MS Engineering Co., Limited mainly focuses on private-sector projects.\

Note: Net income and revenue figures are in U.S. dollars for the 12 months that ended Sept. 30, 2023.

(Note: Ming Shing Group Holdings added R.F. Lafferty & Co. as a joint book-runner, according to an F-1/A filing dated June 24, 2024. R.F. Lafferty & Co. will work with joint book-runner Revere Securities.)

(Note: Ming Shing Group Holdings changed its price range to $5.50 to $7.50 – from $5.00 to $8.00 – and kept the number of shares at 1.5 million to raise $9.75 million, according to an F-1/A filing dated May 9, 2024. Background: Ming Shing Group Holdings updated Its IPO’s terms in an F-1/A filing on April 29, 2024: 1.5 million shares – up from 1.25 million shares previously – and set the price range at $5.00 to $8.00 – to raise $9.75 million.)

(Note: Ming Shing Group Holdings slashed the size of its IPO by 66.7 percent to 1.25 million shares – down from 3.75 million shares – in an F-1/A filing dated March 28, 2024, which did not disclose a price range. Under its earlier F-1/A filings, Ming Shing Group disclosed that its stock would be offered at an assumed IPO price of $4.00. The Hong Kong-based company also disclosed in its March 28, 2024, filing that it has changed its sole book-runner to Revere Securities from Pacific Century Securities. Background: Ming Shing Group Holdings filed an F-1/A dated Sept. 22, 2023, in which it disclosed its proposed IPO stock symbol for its NASDAQ listing: MSW. Ming Shing Group filed its F-1 and disclosed terms for its IPO on June 23, 2023.)

QMMM Holdings Ltd. QMMM Wallach Beth Capital/ Revere Securities, 2.1M Shares, $4.00-4.00, $8.5 mil, 7/9/2024 Tuesday

We are the holding company for an award-winning digital media advertising service, virtual avatar and virtual apparel technology service company whose operating subsidiaries are based in Hong Kong. (Incorporated in the Cayman Islands) 

We are an award-winning digital media advertising service and virtual avatar & virtual apparel technology service company. Through our operating subsidiaries ManyMany Creations and Quantum Matrix, we have used interactive design, animation, art-tech and virtual technologies in over 500 commercial campaigns. We have worked with large domestic and international banks, real estate developers, world famous amusement park, top international athletic apparel and footwear brands and luxury cosmetic products and international brands for their advertising and creation work in Hong Kong. Standing prominently in Hong Kong for over 18 years in the industry, with top creativity, premium account servicing, and ever-advancing tech R&D, we continue to be one of the top premium choices for enterprises and multinational enterprises looking for large scale content-heavy and tech-integrated campaigns. Our clients include local and international banks, real-estate developers, luxury brands, high fashion houses, and theme parks.

Our subsidiary ManyMany Creations has stood out in the industry by breaking through traditional forms of advertising through digital technology. We endeavour to integrate quality concepts with creative digital media technology and provide a one-stop shop for content creativity and production for ad campaigns, TV commercials, online video, 360 video and animation, VR/AR/MR technology, 3D scanning, motion capture, projection mapping and digital façade production.

In March 2014, our wholly owned subsidiary Quantum Matrix, was incorporated, and it has launched digital avatar “Quantum Human” and “Quantum Fit” solutions, which we believe is the world’s only avatar technology for mass adoption of virtual identity. Quantum Matrix has created over 30,000 digital avatars.

Quantum Matrix owns two patents in Hong Kong, providing among the world’s leading automated avatar creation as well as real-time auto-fitting for virtual fashion & apparel. The first patent is for our method of converting a three-dimensional (3D) scanned object to an avatar. The method contains the steps of conducting a 3D segmentation of the 3D scanned object to obtain segmented results; and adapting a first template to the segmented results to create an avatar. The first template includes a topology, and the adapting step contains the step of mapping the topology of the first template to the segmented results to create the avatar. The invention provides an automated process which requires virtually no human intervention to convert the 3D scanned object to the avatar. The second patent is for our method of automatically fitting an accessory object to an avatar. The method contains the steps of providing an avatar; providing an accessory object; providing a template which the accessory object does not penetrate and fitting the accessory object to the avatar as a result of the template fitted to the avatar. The invention provides an automated process which requires virtually no human intervention to fit an accessory object (e.g. a garment) to the avatar.

These technologies are applied in commercial events, theme-parks, fashion shows, luxury events, entertainment industry, travel-retail, tech platform, among others. In addition, our technologies further provide a strong foundation to develop platforms for social media, entertainment, virtual self-expression, virtual influencers, tradable and sharable digital assets for consumers and creators.

Note: Net loss and revenue are in U.S. dollars for the year that ended Sept. 30, 2023.

(Note: QMMM Holdings Ltd. named WallachBeth Capital as a joint book-runner – to work with Revere Securities – in an F-1/A filing dated June 25, 2024.)

(Note: QMMM Holdings Ltd. is offering 2.13 million ordinary shares (2,125,000 Ordinary Shares) at $4.00 to raise $8.5 million, according to its F-1/A filing dated May 20, 2024. Background: QMMM Holdings filed its F-1 on Oct. 6, 2023. The company submitted its confidential IPO filing to the U.S. Securities and Exchange Commission on June 23, 2023.)

Primega Group Holdings Limited PGHL Bancroft Capital LLC, 1.8M Shares, $4.00-6.00, $8.8 mil, 7/12/2024 Friday

We are a holding company. (Incorporated in the Cayman Islands)

From the prospectus: Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations in Hong Kong by its operating subsidiary.

Note: We are a holding company incorporated in the Cayman Islands with operations conducted by our Hong Kong subsidiary, Primega Construction.

Primega Construction is a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of C&D (construction and demolition) materials and reduction of construction waste. Through Primega Construction, we operate in the Hong Kong construction industry, mainly handling transportation of materials excavated from construction sites. Primega Construction principally provides the following services in Hong Kong (i) soil and rock transportation services; (ii) diesel oil trading; and (iii) construction works, which mainly includes ELS works and bored piling. (Note: ELS stands for excavation and lateral support.)

We generally provide our services as a subcontractor to other construction contractors in Hong Kong.

In the prospectus, the company describes the source of its income: “We generate the majority of our income from soil and rock transportation services provided by Primega Construction, which contributed 73.82%, 88.47% and 66.48% of our total revenue during the years ended March 31, 2022, and March 31, 2023, and the six months ended Sept. 30, 2023, respectively. Primega Construction works with recyclers and other private contractors to repurpose and recycle excavated materials, reducing the volume of construction waste ending up in landfills, while lowering waste disposal fees incurred by its customers.

“We believe the following competitive strengths differentiate us from our competitors:

*”We have a fleet of 43 tipper trucks and machinery and a strong network of subcontractors;

*”Stable relationships with customers, 

*”Experienced and professional management team.”

Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2023.

(Note: Prime Group Holdings Limited changed the sole book-runner of its small-cap IPO to Bancroft Capital LLC, a veteran-owned firm – replacing the original sole book-runner, Eddid Securities USA – according to an F-1/A filing dated June 21, 2024. Please Note: Prime Group Holdings Limited is offering 1.75 million shares – with 1.5 million shares offered by the company and 250,000 shares offered by Mr. Man Siu Ming, the selling shareholder – at a price range of $4.00 to $6.00 – to raise $8.75 million, according to the F-1/A filing dated June 21, 2024.)

Jinxin Technology NAMI EF Hutton, 1.9M Shares, $4.00-5.00, $8.5 mil, 7/15/2024 Week of

(Incorporated in the Cayman Islands)

We are an innovative digital content service provider in China. Leveraging our powerful digital content generation engine powered by advanced AI/AR/VR/digital human technologies, we are committed to offering our users high-quality digital content services through both our own platform and the content distribution channels of our strong partners.

We currently target K-9 students in China, with core expertise in providing them digital and integrated educational content, and plan to further expand our service offerings to provide premium and engaging digital contents to other age groups. We were the largest digital textbook platform and a leading digital educational content provider for K-9 students in China, both in terms of revenue in 2022, according to Frost & Sullivan. We collaborate with leading textbook publishers in China and provide digital version of mainstream textbooks used in primary schools and middle schools. Our digital textbooks primarily cover Chinese and English subjects used in K-9 schools in China. We also create and develop digital self-learning contents and leisure reading materials in-house. Our AI-generated content technology enables our comprehensive digital contents to deliver an interactive, intelligent and entertaining learning experience.

Textbooks have been the primary teaching instrument for most children. Access to an advanced and intelligent version of textbook is becoming a rising demand, particularly among K-9 students who are at early stage of learning and forming an efficient learning style. There are currently over 150 million K-9 students in China while the digitization rate of textbook remains relatively low. Since our inception in 2014, we have built expertise in creating digitized, interactive and intelligent textbooks that we believe improve K-9 students’ learning experience. Previously, CDs were the most common learning equipment used by K-9 students to assist with studying textbook in China. We are committed to replacing outdated learning materials and equipment with our intelligent, interactive digital products and resources, and eventually cultivate a fresh and innovative learning style.

We are authorized by major Chinese textbook publishers to digitize their proprietary textbooks, and design and develop the digital version. Besides digital textbooks, leveraging our deep insights in China’s childhood education sector and our technological strength, we also provide digital self-learning materials and digital leisure reading materials, catering to the evolving and diversified needs of potential users. We have strong in-house content development expertise in digitized materials, amusement features, video and audio effects as well as art design. Our products and contents are imbued with the rich operational know-how and deep understanding of China’s childhood education sector, which we believe make our digital contents highly compelling to our users.

We distribute digital contents primarily through (i) our flagship learning app, Namibox, (ii) telecom and broadcast operators and (iii) third-party devices with our contents embedded. We launched our interactive and self-directed learning app Namibox in 2014, to provide users an integrated entry point to our digital textbooks, self-learning materials and leisure reading materials. Users can access various free contents, subscribe to advanced contents and choose to become premium members through our membership programs. In addition, we partner with all mainstream Chinese telecom and broadcast operators to tap into their large user base. Our partnered telecom and broadcast operators broadcast our various programs to end users through their respective platforms, distribute our educational contents to interested users and share certain percentage of revenues with us. Through networks of our partnered telecom and broadcast operators, individual users gain easy access to our digital contents through TVs or mobile devices. Furthermore, we cooperate with well-known hardware manufacturers, such as manufacturers of digital pads and intelligent TVs, and pre-install our programs in such devices directly. The integrated distribution channels empower us to increase our brand awareness in a cost-efficient manner, grow our user base sustainably and improve our contents continuously based on users’ real time feedbacks.

Our business has evolved significantly since inception and we have never stopped reimagining and innovating our products and digital contents. We are doing this not only to cater to, but influence, the learning habits and lifestyles of our users, to fulfill their goals and enrich their lives. With innovative and high-quality educational contents, we have built a trusted and well recognized brand, as well as a large user base throughout China. Since our inception, our Namibox app has amassed over 79 million cumulative downloads and more than 39 million registered users as of December 31, 2023. The high-frequency interactions we have with users and our unique access to a large amount of mission-critical learning data further provide us deep insights in K-9 education sector.

Fueling all of these great achievements are our technologies. We deploy advanced digitization technologies, AI technologies and big data analysis to provide superior user experience. We also deploy advanced AI technologies that power various teaching and voice assessment tools, all to improve the learning effectiveness for children. Leveraging our proprietary digital content generation engine, we are able to consistently refine and upgrade our educational contents, as well as to intelligently recommend content to our users, continually improving user experience.

We have realized steady growth with healthy financial performance since inception. Despite negative impacts caused by regulatory changes in the online education industry in 2021, our registered users increased from 29.9 million as of December 31, 2021 to 35.3 million as of December 31, 2022, and further to 39.5 million as of December 31, 2023. In addition, we recorded net income of RMB55.1 million and RMB83.5 million (US$11.8 million) in 2022 and 2023, respectively.

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

(Note: Jinxin Technology Holding Company unveiled the terms for its IPO – 1.88 million American Depositary Shares – or  1,875,000 ADS – at a price range of $4.00 to $5.00 – to raise $8.46 million, according to an F-1/A filing. Each ADS represents 33.75 million ordinary shares.)

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🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

• 05/16/2024 - JPMorgan Active Developing Markets Equity ETF JADE - Equity

• 05/09/2024 - WisdomTree India Hedged Equity Fund INDH - Equity, India

• 03/19/2024 - Avantis Emerging Markets ex-China Equity ETF AVXC - Active, equity, ex-China

• 03/15/2024 - Polen Capital China Growth ETF PCCE - Active, equity, China

• 03/04/2024 - Simplify Tara India Opportunities ETF IOPP - Active, equity, India

• 02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares XXCH - Equity, leveraged, China

• 01/11/2024 - Matthews Emerging Markets Discovery Active ETF MEMS - Active, equity, small caps

• 01/10/2024 - Matthews China Discovery Active ETF MCHS - Active, equity, small caps

• 11/07/2023 - Global X MSCI Emerging Markets Covered Call ETF EMCC - Equity, leverage

• 11/07/2023 - Avantis Emerging Markets Small Cap Equity ETF AVEE - Active, equity, small caps

• 09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia

• 09/22/2023 - Matthews Pacific Tiger Active ETF ASIA - Active, equity, Asia

• 09/22/2023 - Matthews Emerging Markets Sustainable Future Active ETF EMSF - Active, equity, ESG

• 09/22/2023 - Matthews India Active ETF INDE - Active, equity, India

• 09/22/2023 - Matthews Japan Active ETF JPAN - Active, equity, Japan

• 09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia

• 08/25/2023 - KraneShares Dynamic Emerging Markets Strategy ETF KEM - Active, equity, emerging markets

• 08/18/2023 - Global X India Active ETF NDIA - Active, equity, India

• 08/18/2023 - Global X Brazil Active ETF BRAZ - Active, equity, Brazil

• 07/17/2023 - Matthews Korea Active ETF MKOR - Active, equity, South Korea

• 05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Active, value, growth stocks

• 05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Passive, large + midcap stocks

• 03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China

• 03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based

• 1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets

• 1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets

• 1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic

• 1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets

• 12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock

• 12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets

• 9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets

• 9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy

• 9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG

• 9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets

• 9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets

• 9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG

• 7/14/2022 - Matthews China Active ETF MCH - Active, equity, China

• 7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets

• 7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia

• 6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets

• 5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic

• 4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets

• 4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets

• 4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets

• 4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]

• 4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG

• 4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic

• 2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic

• 2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets

• 1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology

• 1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy

• 1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG

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🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM

• 03/25/2024 - Global X MSCI Nigeria ETF - NGE

• 03/21/2024 - VanEck Egypt Index ETF - EGPT

• 03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND

• 03/14/2024 - KraneShares China Innovation ETF - KGRO

• 03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY

• 03/13/2024 - Xtrackers MSCI All China Equity ETF - CN

• 03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX

• 02/16/2024 - Global X MSCI China Real Estate ETF - CHIH

• 02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB

• 02/16/2024 - Global X MSCI China Utilities ETF - CHIU

• 02/16/2024 - Global X MSCI Pakistan ETF - PAK

• 02/16/2024 - Global X MSCI China Materials ETF - CHIM

• 02/16/2024 - Global X MSCI China Health Care ETF - CHIH

• 02/16/2024 - Global X MSCI China Financials ETF - CHIX

• 02/16/2024 - Global X MSCI China Information Technology ETF - CHIK

• 02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS

• 02/16/2024 - Global X MSCI China Industrials ETF - CHII

• 02/16/2024 - Global X MSCI China Energy ETF - CHIE

• 02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES

• 01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE

• 11/11/2023 - Global X China Innovation ETF - KEJI

• 11/11/2023 - Global X Emerging Markets Internet & E-commerce ETF - EWEB

• 11/09/2023 - Franklin FTSE South Africa ETF - FLZA

• 10/27/2023 - Simplify Emerging Markets Equity PLUS Downside Convexity - EMGD

• 10/20/2023 - WisdomTree India ex-State-Owned Enterprises Fund - IXSE

• 10/20/2023 - WisdomTree Chinese Yuan Strategy Fund - CYB

• 10/20/2023 - Loncar China BioPharma ETF - CHNA

• 10/18/2023 - KraneShares Emerging Markets Healthcare Index ETF - KMED

• 10/18/2023 - KraneShares MSCI China ESG Leaders Index ETF - KSEG

• 10/18/2023 - KraneShares CICC China Leaders 100 Index ETF - KFYP

• 10/16/2023 - Strategy Shares Halt Climate Change ETF - NZRO

• 09/20/2023 - VanEck China Growth Leaders ETF - GLCN

• 08/28/2023 - Asian Growth Cubs ETF - CUBS

• 08/01/2023 - VanEck Russia ETF - RSX

• 07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH

• 06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE

• 06/16/2023 - AXS Short China Internet ETF - SWEB

• 04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG

• 3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE

• 3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE

• 3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE

• 3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM

• 2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD

• 1/13/2023 - First Trust Chindia ETF - FNI

• 12/28/2022 - Franklin FTSE Russia ETF - FLRU

• 12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY

• 8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT

• 8/22/2022 - iShares MSCI Colombia ETFI COL

• 6/10/2022 - Infusive Compounding Global Equities ETF JOYY

• 5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH

• 4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE

• 3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL

• 1/27/2022 - Legg Mason Global Infrastructure ETF INFR

• 1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ

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Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (July 8, 2024) was also published on our website under the Newsletter category.

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