Emerging Market Links + The Week Ahead (June 23, 2025)
Ultra-long payment delays (ULPD) surge in Asia, Xi's PLA purge continues, China's global EV dump rattles all, Trump’s remittance tax to hit LA, EM stock picks & the week ahead for emerging markets.
The Asset has noted how Asia sees surge in long overdue payments 🗃️ according to Coface’s Asia Payment Survey 2025 [Asia Payment Survey 2025: Companies expect payment behaviors to worsen amid economic uncertainty]. Liquidity pressures are rising sharply amid macroeconomic headwinds as:
… the share of companies reporting ULPDs [ultra-long payment delays] - payment delays over 180 days and exceeding 2% of annual revenue - rose dramatically to a new high at 40%, up from 23% in 2023. This represent a very high risk, given that 80% of these delays have never been paid, according to Coface’s experience. Such delays were highest in China, India, Thailand and Malaysia. All 13 sectors also saw increased ULPDs, with the most notable increases in Wood (+37%), Agro-food (+20%) and Automotive (+18%).
And:
Asia-Pacific experienced a slowdown in growth in 2024 due to slow growth in global demand, rising costs and high interest environment. The record surge in ULPDs signals that companies expect to face mounting financial strain. Along with escalating tariffs, businesses are bracing for a more volatile trade and policy environment. We have revised the GDP growth forecast for Asia to 3.8% in 2025.
And its not just companies in the region who are going to be looking for money e.g. Malaysia is set to expand its Sales & Service Tax (SST) next month while Thailand sees casinos as their lottery ticket (albeit a recent survey found that a majority of Thais oppose government’s casino legalisation plan)…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇰🇷 Korean Stock Picks (May 2025) Partially $
Defense/Industrials
EV/Battery
K-Culture
China Recovery
SK Telecom, Aurora World, SoluM, Hyundai Engineering & Construction, DL E&C, Daewoo E&C, Jeju Air, SK Hynix, HYBE, Shift Up, LS Marine Solution, LigaChem Biosciences, Samsung Biologics, InBody, Kangwon Land Inc, HD Hyundai Marine Solution, Hugel, Classys, PharmaResearch, Koh Young Technology, Hanwha Aerospace, Samsung C&T, Hansae, SK Oceanplant, Makus Inc, Hyundai Motor, Amorepacific Holdings, Hyundai Rotem, Dear U, Magnachip Semiconductor, LG Chem, DIO Corp, Seegene, Misto Holdings, Youngone Corp, Hanjin KAL Corp, JYP Entertainment, Korea Investment Holdings, Shinsegae International, Shinsegae Inc, Hanwha Solutions, Nexon Games, HMM, Ray Co, Vatech, Wemade, NCsoft, LIG Nex1, Hanwha Systems, Lotte Chemical, Pearl Abyss, CJ Logistics, Cosmax, Neowiz, Cosmecca Korea, KEPCO, E-Mart, Lotte Shopping, Kolmar Holdings & KolmarBNH Co Ltd, Kolmar Korea, Paradise Co, POSCO Future M, Cafe24, SK Biopharmaceuticals, Celltrion, Dentium, KT, ESR Kendall Square REIT, Kumho Petrochemical, Yuhan, CS Wind, NAVER, Shinyoung Wacoal, Korea Zinc, Netmarble, APR, LG Uplus, SK IE Technology, CJ ENM, Studio Dragon, Amorepacific Corp, Grand Korea Leisure, Coupang, F&F, Kakao Corp, L&F, SM Entertainment, LG Energy Solution, GC Biopharma, Kakao Games, SK Innovation, Samsung Electronics, Korea Aerospace Industries, Kiwoom Securities & Hyundai Glovis
EM Fund Stock Picks & Country Commentaries (June 22, 2025) Partially $
Papua New Guinea stocks, autonomous driving + EM EV growth, Korea’s value up program 1 year on, EM investment trusts benefit from a weak USD, small caps shine, more May fund updates, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Link to an archived article
🌏 Asia
🌏 Asia sees surge in long overdue payments (The Asset) 🗃️
Businesses anticipate shorter payment terms in the months ahead
A growing wave of concern is rippling through Asian supply chains, as companies across the region report a surge in ultra-long payment delays, indicating that liquidity pressures are rising sharply amid macroeconomic headwinds.
According to Coface’s Asia Payment Survey 2025 [Asia Payment Survey 2025: Companies expect payment behaviors to worsen amid economic uncertainty], released this month, the proportion of firms experiencing ultra-long payment delays ( ULPDs ), defined as overdue payments exceeding 180 days and accounting for more than 2% of annual turnover, jumped to 40% in 2024, up from just 23% the previous year.
This is the highest level recorded since Coface began tracking the data, and a red flag considering that 80% of such delays are historically never paid.
This deterioration is especially pronounced in China, India, Thailand, and Malaysia. Sector-wise, the most affected industries were wood ( +37% ), agro-food ( +20% ), and automotive ( +18% ). These sectors are often deeply embedded in complex supply chains, making them particularly vulnerable to payment risk contagion.
🇯🇵 Asian Dividend Gems: Septeni Holdings (Asian Dividend Stocks) $
Septeni Holdings Co Ltd (TYO: 4293 / OTCMKTS: SPIDY) is one of the leaders in Japan in the digital marketing business which mainly includes digital advertising, marketing support, data & AI-driven solutions.
The company has also aggressively raised dividend payouts which is a clear sign of improving corporate governance.
The company is also well positioned to deliver sales growth rate of about 5-7% per year in the next 2-3 years with 20%+ per year growth in operating profit.
🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau
🇨🇳 Purging Of Top Chinese Generals Shows Central Military Commission In "Disarray" (ZeroHedge)
General He Weidong, once the second-highest-ranking officer in China’s military and a close ally of President Xi Jinping, has been purged—three months after vanishing from public view.
His removal is now clear, following his absence from a high-profile funeral and other political signals, according to Nikkei [Analysis: Xi Jinping's generals face a treacherous political battlefield 🗃️].
He was vice chairman of the Central Military Commission (CMC), the top body overseeing the People's Liberation Army (PLA), and a Politburo member. His sudden downfall marks the first time a sitting CMC vice chairman has been purged since the Cultural Revolution in the 1960s.
Nikkei writes that the clearest sign of He’s fall came during the funeral of former CMC vice chairman Xu Qiliang. Footage from the event showed floral tributes from top leaders—but none from He. His absence, unedited by state media, underscored his political erasure.
This continues a broader purge within the PLA under Xi.
🇨🇳 In Depth: China’s mutual funds face fresh overhaul with focus on cutting fees (Caixin) $
A major overhaul of China’s mutual fund industry has just got underway as part of a broader strategy by policymakers to boost investor confidence, stabilize the country’s financial markets, encourage long-term, value-focused investing and lower the fees charged by institutions.
The China Securities and Regulatory Commission (CSRC) issued an action plan at the beginning of May setting out significant reforms that include linking public fund managers’ pay to their long-term performance and ensuring they prioritize investor returns over the size and ranking of their funds. The aim is to stop them gaming the rules to boost short-term performance and their remuneration at the expense of investors.
🇨🇳 Ant International’s first sustainability report reveals extent of global expansion and fuels IPO speculation (Caixin) $
Ant International, the overseas arm of Alibaba (NYSE: BABA)-backed Ant Group Co. Ltd., has released its first sustainability report since becoming an independent entity — revealing expansive global operations and re-igniting speculation over a potential Hong Kong initial public offering (IPO).
Based in Singapore, the fintech company separated from Ant Group in March 2024 and now operates four core business lines — Alipay+, Antom, WorldFirst and Bettr — serving over 1 billion merchants and 1.7 billion consumer accounts across more than 200 countries and regions. The report offered the first in-depth look into the company’s business scope and performance metrics.
🇨🇳 Re-Accelerating in the Cloud - Can Alibaba Compound 20% in the AI Decade? (Modern Value Investing)
While Alibaba (NYSE: BABA) is a household name in the investment community, it is arguably among the harder to understand businesses due to its complexity and diverse business segments. This analysis aims to assess Alibaba’s fundamental value, by focusing on its three core pillars: the foundational Taobao and Tmall marketplaces, its strategic stake in Ant Group, and its increasingly important Cloud Intelligence unit. It is the cloud division in particular, with its accelerating strength in recent quarters, that positions Alibaba as a compelling and potentially underappreciated AI play for the decade ahead. As this opportunity is currently available at a valuation of just 11x forward earnings, I explore what it takes for Alibaba to compound at a CAGR of 20
🇨🇳 Foreign E-Commerce Platforms Pitch Themselves to Chinese Merchants (Caixin) $
European, Asian and Latin American cross-border e-commerce platforms are stepping up efforts to attract Chinese merchants as U.S. tariffs on Chinese imports remain high despite a temporary truce in the trade war between the world’s two largest economies.
This trend was evident at the 10th Shenzhen International Cross-Border E-Commerce Trade Expo earlier this week, where online retailers including Russia’s Wildberries, South Korea’s Coupang, Inc. (NYSE: CPNG) and Argentina’s MercadoLibre (NASDAQ: MELI) tried to sell Chinese vendors on the benefits of doing businesses on their platforms.
🇨🇳 Chinese Tech Giants Have Big Ambitions in Brazil (NY Times) $ 🗃️
Confronted with tariffs and scrutiny in the United States and Europe, Chinese consumer brands are betting that they can become household names in Latin America’s biggest economy.
Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY), China’s largest food delivery company, said in May that it would spend $1 billion to set up operations in Brazil. Mixue, the Chinese tea and dessert company that has eclipsed McDonald’s as the world’s biggest fast food chain, said it would hire thousands there. TikTok Shop, facing scrutiny in the United States and Britain about its Chinese parent company, launched in Brazil in May.
🇨🇳 Tongdao Liepin vs Boss Zhipin: Same Industry, Two Very Different AI Strategies (The Great Wall Street) $
Notes from Tongdao Liepin’s investor meeting—on their new AI strategy and dividend policy.
Last Friday, Tongdao Liepin Group (HKG: 6100 / FRA: 6WT / OTCMKTS: TGDLF) held its annual investor meeting in Beijing. It was an insightful session, especially in light of their new dividend payout policy and their updated AI strategy which, notably, contrasts with the direction their main competitor Boss Zhipin [Kanzhun Ltd (NASDAQ: BZ)] BZ -1.18%↓is taking.
In this article, I walk through my notes from the meeting and highlight some of the key differences in how the two companies are approaching AI.
🇨🇳 Unisound launches modest IPO into crowded Hong Kong market (Bamboo Works)
The AI services provider is aiming to raise a relatively modest $40 million, or just over 2% of its share capital, as it rapidly burns through its cash
Unisound AI Technology Co Ltd (HKT: 9678) aims to raise about $40 million through a Hong Kong IPO, with its shares set to start trading on June 30
The AI services provider recorded 29% revenue growth last year and has a relatively diverse customer base, but is rapidly burning through its cash
🇨🇳 China's Breakout DRAM Beast (Asianometry) 19:57 Minutes
DRAM has been the graveyard of semiconductor empires. Competing in this market is not for the faint of heart. After decades, the DRAM industry consolidated to just three big companies: Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF), SK Hynix (KRX: 000660), and Micron Technology Inc (NASDAQ: MU). But now they are being challenged by a new kid on the block. A Chinese DRAM monster emerging out of Hefei: ChangXin Memory Technologies, or CXMT (長鑫存儲). In today's video, we profile the third of the People's Republic of China's semiconductor titans: CXMT.
🇨🇳 Europe Admits "Trump Is Right", China Is The Problem As Beijing Unleashes Global EV Dump (ZeroHedge)
While Donald Trump has been warning about China's mercenary, mercantilist trade practices for much of the past decade - 'ripping us off' and hollowing out the middle class - (and who facilitated that?), Europe and Latin America, who until recently were screaming loudly to anyone who bothered to listen just how great BFFs they are with Beijing, are finally getting a taste.
On Thursday, Reuters reported that Brazil is being flooded by cheap Chinese crap (in this case electric vehicles) offering Brazilian car shoppers 'relatively low-priced options in a market where the green-car movement is still in its infancy.' Of course, the dumping of Chinese products means death for domestic producers, and now, Brazilian auto-industry officials and labor leaders are terrified that the influx of cars from BYD and other Chinese carmakers will set back domestic auto production and hurt jobs.
BYD’s [BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) / BYD Electronic International Co Ltd (HKG: 0285)] intensified focus on Brazil comes as opportunities shrink elsewhere. Domestically, it faces a bruising price war, recently cutting its entry-level Seagull model to under $10,000, putting a strain on profit margins (as discussed in "China Auto Industry On Verge Of Collapse As Six Major Cities Run Out Of Car-Buying Subsidies")
🇨🇳 EHang switches battery suppliers to keep its flagship flying car in the air longer (Caixin) $
EHang Holdings (NASDAQ: EH) said that it will use a customized longer-lasting battery to power its pilotless EH216 series of electric vertical takeoff and landing (eVTOL) aircraft as the Guangzhou-based company prepares to bring the vehicle to market amid a government push for the “low-altitude economy.”
Developed by Gotion High-tech Co (SHE: 002074 / FRA: 24U0), the battery features higher energy density and power output, which will enable the EH216 to fly further under different scenarios, EHang said in a statement Wednesday.
🇨🇳 Zhejiang Sanhua Intelligent Controls A/H Trading - Strong Demand, Weakening Sentiment (Smartkarma) $
Zhejiang Sanhua Intelligent Controls Co Ltd (SHE: 002050) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.
🇨🇳 ENN bids to reshape its gas business with listing switch-up (Bamboo Works)
ENN Natural Gas Co Ltd (SHA: 600803), part of China’s ENN energy group, is looking to buy out a listed subsidiary and take the firm’s place on the Hong Kong stock market
The two-step plan would see ENN Natural Gas take control of ENN Energy Holdings (HKG: 2688 / FRA: XGH / XGH0 / OTCMKTS: XNGSY / XNGSF), delist the acquired firm and then relist under its own name
The company says the consolidation should help streamline operations and strengthen its position in the gas market
🇨🇳 Alphamab stake sale could signal harder times ahead (Bamboo Works)
The founder of the cancer drug developer has cashed out part of his holdings after the stock hit a price peak, raising questions about the firm’s earnings outlook
The company finally posted an annual profit last year, but the achievement came on the back of upfront licensing payments for its experimental drugs
Rights to Alphamab Oncology (HKG: 9966 / FRA: 3NK)’s advanced drug candidates in mainland China have now been licensed out, capping the firm’s growth potential from here
🇨🇳 Fosun jewelry unit mines gold from new investors even as its profit shrinks (Bamboo Works)
A Bank of China unit agreed to pump 400 million yuan into Shanghai Yuyuan Jewelry Fashion Group, becoming one of the company’s latest new investors
Bank of China Financial Asset Investment will pay 400 million yuan for 3.6% of Fosun International (HKG: 0656 / FRA: FNI / OTCMKTS: FOSUF / FOSUY)’s Shanghai Yuyuan Jewelry Fashion Group
The investment follows two rounds of large-scale new investment in the jeweler late last year, even as its profit fell
🇨🇳 Pop Mart: From China's Hidden Gem To The World's Favorite Collectible Empire (Seeking Alpha) $ 🗃️
🌏 Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF) - Design, development & sale of pop toys. 🇼
🇨🇳 In Depth: How Labubu Became a Monster of a Business
Labubu is a little doll in fleecy, bunny-eared onesies whose coffee-bean eyes hover above a serrated row of smiling teeth. Ostensibly an elf, the creature is either cute or creepy, depending on whom you ask. But one thing is clear — it has become a monster of a business.
The dolls have been caught on camera with celebrities such as Rihanna and K-pop superstar Lisa, typically dangling from the strap of a designer bag. Their popularity has propelled the stock of its owner, trendy toy retailer Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF), more than 180% higher this year. Pop Mart’s market value of over HK$350 billion ($46 billion) makes it the world’s third most valuable intellectual property (IP) company, behind only The Walt Disney Co. and Nintendo Co. Ltd.
🇨🇳 For Starbucks, China is a big market with little appeal (FT) $ 🗃️
Its share of China’s $22bn-a-year coffee market has slid from a peak of 42 per cent to 14 per cent last year
🇨🇳 Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis (Douglas Research Insights) $
On 17 June, Bloomberg reported that Foshan Haitian Flavouring & Food (SHA: 603288 / HKG: 3288) has raised HK$10.1 billion after a strong remand for its shares to be listed in Hong Kong.
We estimate the company to generate revenue of 29.4 billion RMB (up 9.2% YoY) and net profit of 6.8 billion RMB (up 7.1% YoY) in 2025.
Our valuation analysis suggests that Foshan Haitian is undervalued. Our base case valuation suggests implied market cap of 286 billion CNY, which represents 25% higher than current levels.
🇨🇳 Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO (Smartkarma) $
They provide tasty, fresh, natural, healthy and convenient food products to customers across over 40 countries worldwide.
For the year ended December 31, 2024, they recorded a total revenue of US$2,195.0 million, increasing by 17.3% from US$1,870.7 million for the year ended December 31, 2023.
The area in which this company operates in is one that is not traditionally attractive to IPO investors as the margins are low and the competition is high.
🇭🇰 A-share firms’ dual listing drives Hong Kong IPO surge (The Asset) 🗃️
Strong pipeline of deals led by issuers from China’s consumer and industrial sectors
Hong Kong’s initial public offering ( IPO ) market is seeing a sturdy rebound after years of decline, with proceeds in the first five months of 2025 exceeding HK$77 billion ( US$9.8 billion ), a 709% surge compared to the same period last year – that could soon surpass the HK$87 billion recorded in 2024.
Given the geopolitical shifts, Hong Kong is increasingly seen as an ideal place for fundraising because of its sound financial infrastructure and global connectivity. Prominent A-share companies see Hong Kong as a gateway to access international capital and extend global influence.
Sector-wise, consumer goods and high-tech industrial companies are expected to drive the Hong Kong IPO pipeline for the second half of the year. The former is consistent with China’s near-term strategy of boosting consumption, while the latter is aligned with the country’s long-term industrial ambitions and technological innovation.
🇭🇰 Henderson Land: Turning Bullish On New Lease And Favorable Rate Environment (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇭🇰 🇨🇳 Henderson Land Development (HKG: 0012 / FRA: HLD / OTCMKTS: HLDCY / HLDVF) 🇭🇰 - Property developer. High quality new homes & commercial development. 🇼 🏷️
🇭🇰 Hang Seng Bank: Rate Decline Has Both Positive And Negative Implications (Seeking Alpha) $ 🗃️
🌏 Hang Seng Bank Ltd (HKG: 0011 / FRA: HSB / OTCMKTS: HSNGY) - Retail banking, wealth management, commercial banking, treasury services, and private banking. 🇼
🇭🇰 Regencell Bioscience: Fundamentals And Meme Stock Potential Are Both Lacking (Seeking Alpha) $ 🗃️
🌐 Regencell Bioscience (NASDAQ: RGC) - R&D & commercialization of Traditional Chinese Medicine (TCM) for the treatment of neurocognitive disorders & degeneration (ADD, autism, etc.).
🇲🇴 Melco Resorts: Eyeing The Thailand Market (Seeking Alpha) $ 🗃️
🌏🇨🇾 Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF) 🇭🇰 - Casino & Hospitality + electronic gaming machines. Sub. Melco Resorts & Entertainment Ltd (NASDAQ: MLCO). 🇼
🇲🇴 Fitch says no rating impact on SJM Holdings from closure of satellite casinos, related acquisitions (GGRAsia)
The plan by Macau casino concessionaire SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) to acquire the properties of Casino L’Arc Macau and Casino Ponte 16, and to discontinue its remaining satellite casinos is “unlikely to significantly impact SJM’s credit profile,” says Fitch Ratings Inc.
Macau currently has 11 satellite casinos operating under the 10-year gaming concessions that began in January 2023. Nine of the 11 are run via SJM Holdings’ licence; one under Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF)’s permit; and one via Melco Resorts & Entertainment Ltd (NASDAQ: MLCO)’s gaming rights.
Under the city’s revamped gaming regulatory framework – coinciding with the current concessions of the six Macau operators – from next year, the third-party investors in satellite casinos will only be permitted to earn a “management fee” via a “management company”.
🇲🇴 US$98mln raised via Melco Int rights issue, going toward shareholder loan and credit facilities (GGRAsia)
Melco International Development Ltd says it generated nearly HKD770.8 million (US$98.2 million) in net proceeds after expenses from its recent share rights sale.
Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF) is the Hong Kong-listed parent of global casino operator and developer Melco Resorts & Entertainment Ltd (NASDAQ: MLCO). Melco Resorts runs casinos in Macau, one in the Philippine capital, gaming venues in the Republic of Cyprus, and will this year launch a casino venue in a complex in Colombo, the Sri Lankan capital.
🇲🇴 MGM: Cash Flow Machine meets Share Cannibal (MileHighMonk)
MGM Resorts International (NYSE: MGM) offers a combination of steady cash flows from Las Vegas and regional casinos, growth from Macau’s recovery, significant future value from its Japan resort project, and high-margin, capital-light growth from its BetMGM digital business. Management continues to return excess capital to shareholders through aggressive share repurchases.
At current valuations, the company trades at a discount to peers, with future upside driven by Macau recovery, Japan development, digital gaming growth, and ongoing capital returns.
🇹🇼 Taiwan
🇹🇼 The CoWoS Chokepoint: TSMC's Quiet Monopoly On AI Memory Bandwidth (Seeking Alpha) $ 🗃️
🇹🇼 TSMC's AI Bet Pays Off (Seeking Alpha) $ 🗃️
🇹🇼 Taiwan Semiconductor Is Valued Like It's Late 2019 Again (Seeking Alpha) $ 🗃️
🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️
🇹🇼 United Microelectronics: 3rd Place Outperforming 1st Is Short-Lived (Seeking Alpha) $ 🗃️
🌐 United Microelectronics Corp (TPE: 2303 / NYSE: UMC) - Global semiconductor foundry. 🇼 🏷️
🇹🇼 TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot (Smartkarma) $
China’s push for 100% auto chip localization by 2027 poses risk to Himax Technologies (NASDAQ: HIMX), which derived 75% of 1Q25 revenue from China. We engaged the company for comments./
Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.
Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.
🇰🇷 Korea
🇰🇷 Australian shipbuilder says it would be ‘strange’ if government approves Korean takeover (FT) $ 🗃️
South Korea’s Hanwha [Hanwha Corporation (KRX: 000880 / 00088K)] has received US clearance to increase stake in defence contractor Austal Ltd (ASX: ASB / FRA: LX6 / OTCMKTS: AUTLF)
🇰🇷 Cancellation of Existing Treasury Shares in Korea - Government Likely to Provide a GRACE PERIOD (Douglas Research Insights) $
The Korean government may not force the listed companies to suddenly cancel all their treasury shares all at once.
Rather, a GRACE PERIOD is likely to be given for companies with existing treasury shares by which they need to cancel them.
Going forward, the Korean government is likely to decide to allow acquisition new of treasury stocks only when the purpose is to cancel them, excluding bonus payments or stock compensation.
🇰🇷 Kepco: Can Still Be Traded But Don't Be A Bag-Holder (Seeking Alpha) $ 🗃️
🇰🇷 KEPCO (NYSE: KEP / KRX: 015760 / FRA: KOP) or Korea Electric Power Corporation - Integrated electric utility company. Generation, transmission & distribution of electricity in Korea where it’s the largest electric utility. 🇼 🏷️
🇰🇷 Woori Financial: Poised To Ride Korea's Post-Election Tailwinds (Seeking Alpha) $ 🗃️
🇰🇷 Woori Financial Group (NYSE: WF) - Commercial bank. Range of financial services to individual, business & institutional customers. 🇼 🏷️
🇰🇷 POSCO Holdings: Multiple Positives (Seeking Alpha) $ 🗃️
🌐 POSCO Holdings (NYSE: PKX) - Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️
🇰🇷 DoubleDown Interactive: Insider Sale Doesn't Change The Fundamentals, I'm Doubling Down (Seeking Alpha) $ 🗃️
🌐 DoubleDown Interactive (NASDAQ: DDI) - Developer of social casino games, casual games & mobile applications. 🇼 🏷️
🇰🇷 TMC the metals company: Korea Zinc Investment Bolsters Profitability And Scale Potential (Seeking Alpha) $ 🗃️
🇨🇦 TMC the metals company Inc (NASDAQ: TMC) - Low-impact metals necessary to store clean energy & power electric vehicles. 🇼
🌐 Korea Zinc (KRX: 010130) - Exploring overseas resources & discovering new rare metals + smelting-related industries &resource recycling business. 🇼 🏷️
🇰🇷 Tencent to Acquire Kakao Mobility? (Smartkarma) $
Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) has emerged as a major contender to acquire about 40% stake in Kakao Mobility [Kakao Corp (KRX: 035720)] which operates Korea' leading ride hailing app Kakao T.
Tencent's investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).
🇰🇷 KEPCO E&C (052690.KQ) – Nuclear Tailwinds, Proprietary Edge, and Execution Challenges (Smartkarma) $
KEPCO Engineering & Construction Co Inc (KRX: 052690) is well-positioned to benefit from the global revival in nuclear power, with strong domestic visibility and growing international interest in its engineering capabilities.
Its proprietary APR1400 reactor platform anchors the business, supported by verticals in O&M, decommissioning, and green energy EPC.
While earnings have grown sharply on margin gains, high valuations and project execution risks—particularly overseas—warrant careful monitoring.
🇰🇷 Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices (Douglas Research Insights) $
Telcoware Co Ltd (KRX: 078000) and Shinsung Tongsang (KRX: 005390) are two recent tender offers in Korea where the minority shareholders are demanding higher tender offer prices.
The actual subscription rate of the Telcoware tender offer was only 10.44%, far below the 25.24% targeted by the CEO Keum Han-Tae.
The Shinsung Tongsang owner family may acquire an additional 7–10% stake via this tender offer, though it remains unclear if they can secure full 95% ownership at this stage.
🇰🇷 PharmaResearch Spin-Off: A Textbook Case Study of Destroying Shareholder Value (Douglas Research Insights) $
Last week, PharmaResearch Co Ltd (KOSDAQ: 214450) announced that it has approved a corporate spin-off, to separate the existing company into two distinct entities including PharmaResearch Holdings (surviving entity) and PharmaResearch (newly created entity).
PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal.
The spin-off ratio is based on a pure net asset basis, not taking into consideration the future earnings and cash flow streams of the company's most important product line Rejuran.
🇰🇷 Kolmar Group Chairman Yoon: A Rare Case Of "I Want My Shares Back" (Douglas Research Insights) $
Chairman Yoon Dong-han, founder of the Kolmar Group, has filed a lawsuit against his eldest son, Vice Chairman Yoon Sang-hyun of Kolmar Holdings Co Ltd (KRX: 024720), demanding the return of Kolmar Holdings shares.
This is a rare case of a chairman demanding his shares back from his son.
A key question is can there be an M&A fight for Kolmar Holdings even without the father getting his shares back? And the answer would be yes.
🇰🇷 D'Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June (Douglas Research Insights) $
[Korean cosmetic company] d'Alba Global Co Ltd (KRX: 483650) has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
A total of 19% of outstanding shares of D'Alba Global could start to be sold starting 22 June. That is a lot of shares!
These are likely to put negative pressure on the shares of D'Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.
🇰🇷 Samyang Comtech IPO Preview (Douglas Research Insights) $
Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.
The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.
The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.
🌏 SE Asia
🇰🇭 Donaco says restrictions on Thais travelling to Cambodia likely to hurt June profits (GGRAsia)
Border-casino operator Donaco International Ltd (ASX: DNA) experienced a “62 percent reduction in the average daily headcount and a 42 percent reduction in daily hotel occupancy” at its DNA Star Vegas gaming resort in Poipet, Cambodia, after travel restrictions were imposed on citizens in neighbouring Thailand following a military clash between the nations on May 28.
Donaco gave the information in a Monday update to the Australian Securities Exchange. It didn’t mention what impact – if any – the situation had on gaming business at DNA Star Vegas.
Though the company noted: “This trend is expected to impact Star Vegas’ profits for the month of June.”
🇰🇭 Donaco says independent expert nods plan for full buyout of firm (GGRAsia)
Border-casino operator Donaco International Ltd (ASX: DNA) says it has received the report from an independent expert engaged to advise on the deal that will see one of its investors – a Hong Kong-based investment fund – acquire 100 percent of Donaco’s shares.
In mid-March, Donaco said it had “entered into a binding scheme implementation deed with On Nut Road Ltd” for the latter’s “proposed acquisition of 100 percent of the shares in Donaco that it does not already own, via a scheme of arrangement for AUD0.045 [US$0.028] cash per Donaco share.”
🇮🇩 AMMN.IJ – Smelter Ramp-Up Underway, Elang Optionality in Focus, Valuation Reflects Long-Term Upside (Smartkarma) $
Q1 2025 results reflected a transitional quarter with lower grades, but FY2025 guidance was maintained.
Ongoing investments in smelter ramp-up, power infrastructure, and long-term plans for Elang underscore Amman Mineral Internasional Tbk PT (IDX: AMMN / FRA: U4Z / OTCMKTS: AMMNF)’s integrated growth strategy.
Valuations appear premium vs peers, but are partly justified by structural cost advantages, downstream leverage, and world-class Elang optionality—though single-asset exposure remains a key risk.
🇵🇭 New hotel, gaming areas to be built at Manila’s Newport complex, says Alliance Global (GGRAsia)
Philippine conglomerate Alliance Global Group (PSE: AGI / OTCMKTS: ALGGF / ALGGY) says it plans to allocate PHP5 billion (US$87.6 million) this year to Travellers International Hotel Group Inc, the owner and operator of Newport World Resorts casino complex (pictured) in Manila.
The funds are “intended for the ongoing expansion projects of Travellers International, particularly the development of The Narra Palm Hotel and Villa in the Newport World Resorts complex,” stated the parent in a Thursday filing to the Philippine Stock Exchange.
According to the announcement, The Narra Palm will have 157 hotel suites and villas, as well as private gaming suites for VIP guests, “offering bespoke experiences and the world-renowned Filipino hospitality”.
🇲🇾 Genting Bhd earnings to see recovery from 2H 2025: Moody’s (GGRAsia)
Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY), a Malaysia-based conglomerate with global casino interests, is likely to see its “earnings and cash flow grow, but there is no buffer under the company’s credit metrics for further debt incurrence,” stated Moody’s Investors Service Inc in a memo published on Tuesday.
The company has a ‘Baa2’ credit rating from Moody’s that is “three notches above the scorecard-indicated outcome of Ba2,” said the financial institution in a periodic review.
“The difference reflects our expectation that Genting Bhd’s earnings will start to recover in the second half of 2025, as well as the company’s diversified operations worldwide across different industries, long operating track record, proactive refinancing and good access to funding,” said Moody’s analyst Anthony Prayugo and his colleague Jacintha Poh, associate managing director.
🇸🇬 Can Frasers Centrepoint Trust Continue to Increase its DPU? (The Smart Investor)
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, is one of the few REITs to have done well in the last two years.
The retail REIT’s performance held up despite the twin challenges of elevated interest rates and soaring inflation.
It’s a testament to FCT’s resilience as its portfolio of suburban retail malls serves heartlanders who need to shop there for daily necessities and food.
Can FCT become one of the few REITs that are posting higher distributions even with the persistent headwinds?
A robust financial performance
Healthy rental reversions with high occupancy
Portfolio enhancements and acquisitions
Get Smart: A future-ready REIT
🇸🇬 14 Years of Sheng Siong: How Much You Gained Investing in 1,000 IPO Shares (The Smart Investor)
You’ll be amazed at how much wealth you would have created just by holding on to Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)’s shares over the years.
Since its initial public offering (IPO) on 17 August 2011, shares of the supermarket operator have surged significantly from its IPO price of S$0.33.
Sheng Siong’s last close was S$1.86, registering a gain of more than sixfold for those who held on since the IPO.
There are still the steady and increasing dividends that the supermarket operator has paid out over the years.
Let’s take a closer look at how much you would have gained over the past 14 years if you had invested in 1,000 shares of Sheng Siong at its IPO.
A stellar return
Growth in store count, revenue, and net profit
The future is yet to be
Get Smart: More growth expected
🇸🇬 This Glove Company’s Share Price Plunged 36% from its High: Can it Regain its Mojo? (The Smart Investor)
We examine whether a well-known glove company can experience a rebound after plummeting from its high.
While the Straits Times Index (SGX: ^STI) may be one of the better-performing indices this year, some stocks in the Singapore market have suffered steep share price declines.
One of these is Riverstone Holdings (SGX: AP4).
The glove maker saw its share price tumble by nearly 37% year-to-date (YTD) to its 52-week low of S$0.68.
This fall came after the group posted a heady performance in 2024 with a share price gain of 52%.
Can Riverstone revisit its highs, and is the business a good candidate for you to add to your buy watchlist?
A pandemic boost
Fall from grace
Net margin compression
Pushing on with expansion plans
🇸🇬 SGX Stocks Shine: Fortune Southeast Asia 500’s Top Dogs & Newcomers (The Smart Investor)
We look at the Singaporean businesses that qualify to be in the coveted Southeast Asia’s Top 500 list.
Here are some of the Singapore companies that made it to Fortune 500’s Southeast Asia Top 500 companies list.
Top 20 on the list
#4 – Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY)
#5 – Olam Group Ltd (SGX: VC2 / FRA: K25 / OTCMKTS: OLGPF)
#6 – DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)
#12 – United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF)
#13 – Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY)
#20 – Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF)
New entrants
The Top 500 list also saw several new Singaporean entrants.
#413 – Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF)
#464 – Food Empire (SGX: F03)
#455 – China Sunsine Chemical Holdings (SGX: QES)
#484 – Straits Trading Company (SGX: S20 / FRA: W2F / OTCMKTS: SSTVF / STTSY)
🇸🇬 5 Singapore Stocks Hitting Their 52-Week Highs: Should They Be on Your Watchlist? (The Smart Investor)
These stocks are flying higher, but should they appear on your buy watchlist?
Grand Venture Technology (SGX: JLB), or GVT, is a manufacturing solutions and services provider for the semiconductor, electronics, aerospace, and medical industries.
SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF), or SIAEC, is a maintenance, repair, and overhaul (MRO) specialist for the airline industry.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) is a global asset manager and operator with solutions that serve customers in the infrastructure, real estate, and connectivity sectors.
Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or SCI, is an energy and urban solutions provider with a balanced energy portfolio of 25.1 GW across 11 countries.
Lum Chang Holdings Ltd (SGX: L19) is a construction group with businesses in property development and investment.
🇸🇬 Invest Smart: Add These 5 Singapore Stocks to Your Watchlist (The Smart Investor)
Here are five Singapore stocks you can add to your watchlist which are growing their profits.
Valuetronics Holdings (SGX: BN2 / FRA: GJ7) is an integrated electronics manufacturing services provider offering a full range of services to customers, ranging from conceptualisation to production and supply chain support.
Cortina Holdings (SGX: C41) is a luxury watch retailer with boutiques located in Singapore, Malaysia, and Thailand.
Old Chang Kee (SGX: 5ML), or OCK, is a snack manufacturer and seller and is famous for its signature curry puffs.
Frencken Group Ltd (SGX: E28) is an integrated technology solutions firm serving customers in the aerospace, analytical life sciences, automotive, healthcare, and semiconductor industries.
LHN Ltd (SGX: 41O / HKG: 1730) is a real estate management services group specialising in space optimisation that generates value for its landlords and tenants.
🇹🇭 Majority of Thais oppose government’s casino legalisation plan: survey (GGRAsia)
A new survey conducted by Thailand’s National Institute of Development Administration shows that the majority of respondents oppose the legalisation of casino gambling in the country.
According to the survey’s findings, 56.7 percent of respondents said they were opposed to the Thai government’s push to allow entertainment complexes with casinos. A total of 24.1 percent expressed support for the plan, according to several local media reports over the weekend.
A further 9.0 percent had no comment on the topic, while 8.8 percent stated they supported entertainment complexes without casinos. A minority of 1.4 percent of those surveyed said they supported the opening of casinos only.
🇹🇭 Major party exits Thai govt coalition, PM keeps slim majority, harder to approve policies (GGRAsia)
The second largest party in Thailand’s ruling coalition withdrew from the government on Wednesday, citing a leaked phone call between the country’s Prime Minister Paetongtarn Shinawatra (pictured in a file photo) and Hun Sen, the influential former premier of Cambodia, with which Thailand is involved in an escalating border dispute.
Ms Shinawatra’s Pheu Thai Party is a leading grouping within the coalition government. The Bhumjaithai Party’s decision to withdraw from the government left Ms Shinawatra’s coalition with a slimmer majority in parliament.
🇻🇳 VinFast's Strategy To Push Into Developing Markets Is Intriguing And Could Pay Off (Seeking Alpha) $ 🗃️
🌐 VinFast Auto Ltd. (NASDAQ: VFS) - Design & manufacture of EVs, e-scooters, e-buses & parts. 🇼
🇮🇳 India / South Asia / Central Asia
🇮🇳 Air India crash hands owner Tata a defining crisis (FT) $ 🗃️
Airline was more than halfway into a post-privatisation turnaround when tragedy struck
🇮🇳 How SEBI's Expiry Day Overhaul Impacts NSE & BSE ? (Smartkarma) $
Starting September 1, 2025, BSE Ltd (NSE: BSE) will shift its weekly expiry to Thursday, while NSE's weekly expiry will move to Tuesday, reducing overlap between the two major exchanges.
The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences.
BSE's shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.
🇮🇳 Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26. (Smartkarma) $
Tata Motors (NSE: TATAMOTORS / BOM: 500570 / LON: 0LDA) subsidiary Jaguar Land Rover's volumes, revenue, EBIT margins and FCF all plateaued in FY25.
US Tariffs & China Slowdown Undermine FY26 Outlook: The tariffs on UK car imports and collapsing China JV performance together threaten JLR’s two most profitable regions.
Company expects JLR EBIT margin to crash to the 5–7% range (vs 8.5% in FY25) and FCF to fall to zero vs GBP 1.5 billion in FY25.
🇮🇳 HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push (Smartkarma) $
Hindustan Zinc Ltd (NSE: HINDZINC / BOM: 500188) has approved a ₹12,000 crore investment to set up a 250 KTPA integrated zinc smelter at Debari as part of its 2x capacity expansion plan.
While smelting investments are not inherently value-accretive due to low TCs, they are necessary to process captive ore and minimize logistics costs.
The overall growth outlook remains strong, but the pending mine lease expiries by 2030 pose a material long-term risk.
🇮🇳 The Beat Ideas: Geojit Financial- Riding on Its Customer Base to Build a ₹20,000 Cr Wealth Business (Smartkarma) $
Geojit Financial Services (NSE: GEOJITFSL / BOM: 532285) is targeting INR 20,000 crore in PMS AUM within three years from INR 1200 Crore, backed by new leadership, expanded RM hiring, and deep NRI-retail presence.
This signals a shift from cyclical broking to stable, high-margin wealth management boosting recurring income and long-term profitability.
Geojit is evolving into a full-stack wealth platform, making it a re-rating candidate if it delivers on PMS scale-up and sustains income diversification.
🇮🇳 Trent's Zudio: The Fast Fashion Trend Reshaping India's Retail (Smartkarma) $
Zudio has rocketed to 765 stores, now half of Trent’s revenue, with FY-25 sales topping to A Billion dollars and 244 outlets added in one year.
Its asset-light FOCO rollout, 15-day design-to-rack cycle and sub-INR 999 pricing are redefining India’s value-fashion economics and pressuring rivals to mimic.
Trent Ltd (NSE: TRENT / BOM: 500251) is no longer a steady Westside play; Zudio’s runaway scale and margins reposition the group as India’s fastest-growing, mass-market fashion juggernaut.
🇮🇳 HDB Financial IPO: Offer Details & Index Entry Timing (Smartkarma) $
HDB Financial Services Ltd (0117739D IN) is looking to list on the exchanges by selling up to INR125bn (US$1.46bn) of stock at a valuation of around INR 620bn (US$7.2bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in December.
HDB Financial Services Ltd's peers have traded well over the last 6 months and that could spill over into demand for the stock. Grey market premium is pretty high.
🌍 Middle East
🇮🇱 Ituran: Valuation Is Still Cheap (Seeking Alpha) $ 🗃️
🌐 🇧🇷 Ituran Location And Control Ltd (NASDAQ: ITRN) - Leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. 🇼 🏷️
🌍 Eastern Europe & Emerging Europe
🇵🇱 Dino Polska: Mixed Q1 Results, But Long Term Growth Is On Track (Seeking Alpha) $ 🗃️
🇵🇱 Dino Polska (WSE: DNP / FRA: 5Y2 / OTCMKTS: DNOPY) - Nationwide network of medium-sized supermarkets. 🇼 🏷️
🇵🇱 The Witcher 4 Can't Save CD Projekt From The Sell Rating (For Now) (Seeking Alpha) $ 🗃️
🇵🇱 CD Projekt SA (WSE: CDR / FRA: 7CD / 7CD0 / OTCMKTS: OTGLY / OTGLF) - Development of videogames & global digital distribution. 🇼 🏷️
🌎 Latin America
🌎 Trump’s move to tax money sent abroad could devastate Latin America, Caribbean economies (Miami Herald)
A proposed tax on the money sent by immigrants in the United States to friends and families back in their home countries could have unintended devastating consequences for US. national security and for receiving countries, especially those in Latin America and the Caribbean that have come to heavily rely on the funds, experts warn.
The 3.5% tax on remittances, which are not currently taxed, is among several provisions tucked inside President Donald Trump’s “One, Big, Beautiful Bill” tax and spending plan that House Republicans narrowly passed last month. Senate Republicans are now trying to agree on a version before sending it to the floor for a vote ahead of July 4, the deadline Trump has set for it to hit his desk.
🌎 June LatAm Report (TheOldEconomy Substack)
Think about Argentina at the beginning of the decade, when its capital markets were left for dead. The potential change was in the air, and shares of local banks, including Grupo Financiero Galicia Sa (NASDAQ: GGAL), Banco Macro Sa (NYSE: BMA), and Bbva Argentina (NYSE: BBAR), began to move earlier.
Digging deeper, the best-performing banks in the region are the Mexicans, Grupo Financiero Banorte SAB de CV (BMV: GFNORTEO / FRA: 4FN / OTCMKTS: GBOOY / GBOOF) and Grupo Financiero Inbursa (BMV: GFINBURO / FRA: 4FY / OTCMKTS: GPFOF), followed by Banco de Chile (NYSE: BCH).
Based on P/TBV and P/E, Colombian banks, along with Banco do Brasil (BVMF: BBAS3 / FRA: BZLA / OTCMKTS: BDORY), are trading at the lowest multiples, offering attractive risk-reward.
A drawback is the handful of Colombian names available for trading in the US and the EU. The limited number of ADR leads to a lack of attractive options. In summary, to invest in Colombia, we have a few banks at our disposal: Grupo Cibest (formerly Bancolombia (NYSE: CIB / BVC: PFBCOLOM)) and Grupo Aval Acciones y Valores SA (BVC: PFAVAL) are listed via ADRs in US markets. Banco Davivienda SA (BVC: PFDAVVNDA.CL) is not available via ADRs. However, for income-oriented investors, banks offer attractive perpetual bonds (ISIN: USP0R11WAG52) with a 6.65% coupon and a 7.3% yield at the current price of 90.00 cents on the dollar.
🌎 Millicom's Quiet Comeback (Seeking Alpha) $ 🗃️
🌎 Millicom (NASDAQ: TIGO) - Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼 🏷️
🌎 MercadoLibre: The Best Anti-Dollar Stock (Seeking Alpha) $ 🗃️
🌎 MercadoLibre (NASDAQ: MELI) - Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️
🌎 Mercado Libre's Bold New Pricing Strategy in Brazil (The Wolf of Harcourt Street)
Should Investors Be Worried?
On 6 June 2025, MercadoLibre (NASDAQ: MELI) made its most significant announcement in five years: it slashed the minimum purchase for free shipping in Brazil from R$79 to just R$19.
The move is a direct response to intensifying competition from Asian players. Brazil accounts for over half of MELI’s revenue, and rivals like Shopee and Temu have been rapidly gaining share. MELI’s Brazil chief, Fernando Yunes, put it bluntly: the investment in logistics and subsidies is to “be ready for a war… to keep growing in Brazil” against Shopee, Shein, Temu, and others. By offering zero shipping on virtually the entire site (R$19 covers nearly all purchases), MELI is fighting to defend its e-commerce turf.
MELI’s stock fell 8% in the week following the announcement. Do investors have reason to worry, or has Wall Street misread the move?
🌎 How Mercado Libre built a Fintech empire (Popular Fintech)
From solving checkout to rewriting financial services in Latin America
The company’s Fintech arm, Mercado Pago, was born out of necessity to facilitate payments on its marketplace. But from there, it grew naturally into a full-stack financial platform. Along the way, it built the Latin American equivalents of PayPal, Square, and Affirm, and now it’s putting the pieces together to become a full-service bank.
If there’s any company that can challenge Mercado Libre, it’s Nu Holdings (NYSE: NU). Nubank had a head start in lending and already pulled ahead in users and revenue. But with Mercado Pago now scaling aggressively, the real battle will play out in Mexico. Wall Street thinks both companies can thrive, and I think it’s going to be a hell of a fight.
But who doesn’t like a rivalry between two amazing companies?
🌎 DLocal: High Quality Growth At 30% Discount To Fair Value! (Capitalist Letters)
Stellar business, stellar growth yet abysmal stock performance. The market remains overly pessimistic despite the signs of progress which creates a big opportunity for investors.
🇦🇷 Pampa Energia: A Growth Story Underestimated By The Market (Seeking Alpha) $ 🗃️
🇦🇷 Pampa Energia Sa (NYSE: PAM) - Participates in power generation & transmission. 🇼 🏷️
🇦🇷 Supervielle: Solid Fundamentals And A Promising Upside (Seeking Alpha) $ 🗃️
🇦🇷 Grupo Supervielle SA (NYSE: SUPV) - Provides a range of financial & non-financial services. 🏷️
🇧🇷 The controversial return of Brazil’s billionaire beef barons (FT) $ 🗃️
🇧🇷 My Biggest Investment For 2025: An Update On Patria Investments (Seeking Alpha) $ 🗃️
🌎🇰🇾 Patria Investments Limited (NASDAQ: PAX) - Asset management services to investors focusing on private equity, infrastructure development, co-investments, constructivist equity & real estate & credit funds. 🏷️
🇧🇷 Cyrela: Paying You To Wait -- Deep Value In Brazil's High-End Homebuilde (Seeking Alpha) $ 🗃️
🇧🇷 🇦🇷 🇺🇾 Cyrela Brazil Realty Sa Empreendimentos (BVMF: CYRE3 / OTCMKTS: CYRBY) - Largest homebuilder & real estate company by revenue & market value in Brazil + Argentina & Uruguay. 🇼 🏷️
🇧🇷 Minerva Needs To Delever Before The Brazilian Cattle Cycle Turns (Rating Downgrade) (Seeking Alpha) $ 🗃️
🌎 Minerva Sa (BVMF: BEEF3) - 32 industrial units strategically located near the main export ports, domestic markets & its broad supplier base. 3 are protein processing plants. 🇼 🏷️
🇧🇷 CI&T Widens Outlook On Uncertain Growth Conditions (Downgrade) (Seeking Alpha) $ 🗃️
🇧🇷 WEG: Investors May Be Underestimating The Management (Seeking Alpha) $ 🗃️ (?)
🇧🇷 WEG SA (BVMF: WEGE3) - Operates worldwide in the electric engineering, power & automation technology areas. Electric motors, generators, transformers, drives & coatings. 🇼 🏷️
🇧🇷 Eletrobras: Low Beta, High-Yield And Easy Pick (Seeking Alpha) $ 🗃️
🇧🇷🅿️ Centrais Elétricas Brasileiras SA (NYSE: EBR / EBR.B / BVMF: ELET3 / ELET5 / ELET6) or Eletrobras - Electric power holding company. Largest generation & transmission company in Brazil. 🇼
🇧🇷 StoneCo: How Product Innovation & Bundled Solutions Are Building Merchant Loyalty! (Smartkarma) $
The first quarter of 2025 has presented a robust performance for StoneCo Ltd (NASDAQ: STNE). The company's financial health is highlighted by a strong year-over-year gross profit growth of 19%, outpacing the 14% guidance for annual gross profit growth.
This notable growth is attributed mainly to effective repricing execution and a reduction in average funding spreads, bolstered by a significant 36% increase in adjusted EPS.
StoneCo has emphasized a disciplined execution strategy, which includes repricing initiatives in response to the evolving yield curve.
🇧🇷 Banking the unbanked: How Nubank is rewiring Latin America’s financial system
Nu Holdings (NYSE: NU) is one of the world’s largest digital banking platforms, focused on transforming financial services in Latin America. The company’s mission is to fight complexity and empower individuals by providing simple, low-cost, and customer-centric financial products. By leveraging technology and data science, Nubank aims to democratize access to banking in a region historically underserved by traditional financial institutions. Today, it serves around 100 million monthly active customers, broadening access to credit, investment, and insurance.
Nubank is a compelling long-term growth investment, driven by its market leadership in the underpenetrated Latin American digital banking sector, innovative customer-first approach, scalable technology platform, and diversified product ecosystem. With a strong financial performance and expanding customer base, Nubank is well-positioned to capture significant market share and generate sustainable returns. For long-term investors comfortable with emerging market volatility, Nubank offers a unique opportunity to back a fintech leader poised to reshape finance in the developing world.
🇨🇱 LATAM Airlines: Room For Higher Valuation (Seeking Alpha) $ 🗃️
🌎 LATAM Airlines Group (NYSE: LTM) - Chile based. Largest airline company in Latin America. Subs. in Brazil, Colombia, Ecuador, Paraguay & Peru. 🇼
🇨🇴 Grupo Cibest: Strong Competitive Position Supports Returns And Dividend (Seeking Alpha) $ 🗃️
🌎🅿️ Bancolombia (NYSE: CIB / BVC: PFBCOLOM) - First Colombian financial institution listed on the NYSE. It provides banking products & services in Colombia, Panama, Puerto Rico, El Salvador, Bermuda & Guatemala. 🇼 🏷️
🇨🇴 Ecopetrol: A Good Company With Potential Catalysts (Seeking Alpha) $ 🗃️
🇨🇴🏛️ Ecopetrol SA (NYSE: EC) - Organized under the form of a public limited company, of the national order, linked to the Ministry of Mines & Energy. Mixed economy company of an integrated commercial nature in the oil & gas sector. 🇼 🏷️
🇲🇽 Is ViX Streaming The Catalyst For The Grupo Televisa Shares? (Seeking Alpha) $ 🗃️
🇲🇽 🇺🇸 Grupo Televisa (NYSE: TV) - Cable TV & direct-to-home satellite pay television system. 🇼
🇲🇽 América Móvil Continues To Outperform The Market (Seeking Alpha) $ 🗃️
🌎 America Movil SAB de CV (NYSE: AMX) - Leading Latin America telecommunication service provider. 🇼 🏷️
🇲🇽 Banorte: A Rally With Good Fundamental Backing (Seeking Alpha) $ 🗃️
🇲🇽 Grupo Financiero Banorte SAB de CV (BMV: GFNORTEO / FRA: 4FN / OTCMKTS: GBOOY / GBOOF) - Leading financial institution in Mexico. 🇼 🏷️
🌐 Global
🌐 When the World Tilts, So Do Its Waterways (Murray Hunter)
Key Highlights:
Panama Canal: Under threat from drought, triggering global rerouting.
Suez Canal: Still vital, but geopolitically fragile.
Northern Sea Route: Ice-thawing shortcut, risky and seasonal.
Cape of Good Hope: Time-consuming but reliable fallback.
Peru–Brazil Corridor: Dry canal concept linking Pacific to Atlantic.
Tehuantepec Rail: Mexico’s interoceanic land bridge revival.
🌐 A Deep Dive On Nebius (Seeking Alpha) $ 🗃️
🌐 Nebius: Don't Miss Out On The Party (Seeking Alpha) $ 🗃️
🌐 Nebius Group: Building AI Capacity With Blackwell; Initiate With 'Buy' (Seeking Alpha) $ 🗃️
🌐 Nebius Is Pursuing A 'Growth At All Costs' Strategy (Seeking Alpha) $ 🗃️
🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️
🌐 Nebius Group (NBIS): The Key Catalysts That Could Drive the Next Leg Up (MVC Investing)
As many of you know, Nebius Group NV (NASDAQ: NBIS) has been the largest position in my portfolio for several months.
Since its April low, the stock has climbed more than 150%, and I’m very pleased with its performance so far.
That said, despite this impressive rally, I believe the core of my investment thesis has yet to play out — and in my view, this could be just the beginning.
In this article, I’ll highlight what I see as the most important short- to medium-term catalysts for NBIS.
📅 Earnings Calendar
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
📅 Economic Calendar
Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).
🗳️ Election Calendar
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
Japan Japanese House of Councillors 2025-07-31 (t) Date not confirmed 2022-07-10
Taiwan Referendum 2025-08-23 (d) Confirmed 2022-11-26
Macau Chinese Legislative Council (Macau) 2025-09-14 (d) Confirmed 2021-09-12
Czech Republic Czech Chamber of Deputies 2025-10-03 (d) Confirmed 2021-10-08
Côte d'Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31
Argentina Argentinian Chamber of Deputies 2025-10-26 (d) Confirmed 2023-10-22
Argentina Argentinian Senate 2025-10-26 (d) Confirmed 2023-10-22
Iraq Iraqi Council of Representatives 2025-11-11 (d) Confirmed 2021-10-10
Chile Chilean Chamber of Deputies 2025-11-16 (d) Confirmed 2021-11-21
Chile Chilean Presidency 2025-11-16 (d) Confirmed 2021-12-19
Chile Chilean Senate 2025-11-16 (d) Confirmed 2021-11-21
Hong Kong Hong Kong Legislative Council 2025-12-07 (d) Confirmed 2021-09-05
📅 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):
Julong Holding Ltd. JLHL US Tiger Securities, 1.3M Shares, $4.00-6.00, $6.3 mil, 6/23/2025 Week of
(Incorporated in the Cayman Islands)
We aspire to be a pioneer and a leader in China’s intelligent integrated solutions industry that exceed customers’ expectations, embrace innovation, invest in technologies and effect improvements in the industry.
We are a growth-oriented professional provider of intelligent integrated solutions to public utilities, commercial properties, and multifamily residential properties operating at scale in China. The intelligent integrated solutions that we offer typically include intelligent security systems, fire protection systems, parking systems, toll collection systems, broadcasting systems, identification systems, data room systems, emergency command systems and city management systems.
Since our inception in 1997, we have focused on the successful and on-time execution of complex projects, through our “deliveries before deadline” and “customers first” initiatives. We initially focused primarily on providing products and services to individual customers, such as sole proprietorships, property owners and residents, until May 2012 when our founder, chairman and chief executive officer, Mr. Jiaqi Hu, led our strategic transition to become a provider of intelligent integrated solutions, mainly serving public utilities, commercial properties, multifamily residential properties and other institutional customers and focusing on complex and large-scale intelligent integrated engineering projects. As we cross-sell our service and solution offerings and further advance our purpose-built technologies, we have become well-prepared to achieve economies of scale and capture future opportunities.
We have successfully provided intelligent integrated services and solutions to numerous landmark infrastructure projects in private and public sectors in China, such as (i) the design, procurement, installation, integration and maintenance of the security system, access control system and parking system of an international airport in Beijing, (ii) the installation, integration and maintenance of the parking system and visitor management system of a prestigious public university in Beijing, and (iii) the operation and maintenance of the intelligent integrated systems of over 460 branches of a renowned commercial bank in Southwest China. We primarily obtain contracts either through direct invitation for quotation from customers, or through a competitive tendering process of the project employers or their main contractors.
Our business lines include (i) engineering solutions of intelligent projects, (ii) operation and maintenance of intelligent projects, and (iii) sales of equipment and materials of intelligent systems.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2024.
Note: As of Sept. 30, 2024, we had a backlog of (i) 75 engineering solutions of intelligent projects to be completed on contracts totaling RMB40,821 thousand (US$5.82 million) and (ii) 37 operation and maintenance of intelligent projects to be completed on contracts totaling RMB15,778 thousand (US$2.25 million) representing the total estimated contract value of work (including adjustments and variation orders) that remain to be completed pursuant to the terms of the outstanding contracts.
(Note: Julong Holding Ltd. unveiled the terms for its small-cap IPO – 1.25 million shares at a price range of $4.00 to $6.00 – to raise $6.25 million, if priced at the $5.00 mid-point of its range – in an F-1 filing dated March 28, 2025.)
Happy City Holdings Limited HCHL Dominari Securities/Pacific Century Securities/Revere Securities, 1.0M Shares, $5.00-7.00, $6.0 mil, 6/24/2025 Tuesday
(Incorporated in the British Virgin Islands)
We are a restaurant operator that runs three all-you-can-eat hotpot restaurants through our wholly owned operating subsidiaries in Hong Kong. We have been in the restaurant services industry serving the Hong Kong market for over 5 years, which is a relatively short operating history compared to some of our established competitors. Our restaurants serve all-you-can-eat Thai and Japanese hotpot to our customers under the brand names “Thai Pot (泰金鍋)” and “Gyu! Gyu! Shabu Shabu (牛牛殿堂日式火鍋放題)”. As of the date of this prospectus, we operate three restaurants located in the Tsuen Wan District in the New Territories, the Mong Kok District in Kowloon, and the North Point District on Hong Kong Island.
For the years ended August 31, 2024, and August 31, 2023, our revenue was generated from providing food and beverage to customers in our restaurants in North Point, Mong Kok and Tsuen Wan.
We give customers set time limits for dining.
Note: Net income and revenue are in U.S. dollars for the year that ended Aug. 31, 2024.
(Note: Happy City Holdings Limited filed its F-1 on March 17, 2025, and disclosed the terms for its small-cap IPO: The company is offering 1.0 million shares at a price range of $5.00 to $7.00 to raise $6.0 million, if priced at the mid-point of its range.)
Kandal M. Venture Ltd. FMFC Dominari Securities/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 6/25/2025 Wednesday
(Incorporated in the Cayman Islands)
Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags, such as shoulder bag, crossbody bag, tote bag, backpack, top-handle handbag, satchel, and other smaller leather goods, such as wallets. Our customers are well-known global fashion brands that are headquartered in the United States.
With our craftsmanship and extensive knowledge of the leather goods manufacturing process, our product engineers convert our customers’ vision and design into leather goods products. Our products are primarily affordable luxury products that are made of leather and/or other materials.
Our Competitive Strengths
We believe the following competitive strengths differentiate our operating subsidiary from its competitors:
• Having long-term and strong business relationships with renowned global fashion brands but we cannot assure continued good relationships with them, and they are not obligated in any way to continue placing orders with us at the same or increasing levels, or at all;
• Having long-term collaborative relationships with our suppliers but their services are susceptible to fluctuations in pricing, timing, and quality, and we have limited control over their operations and compliance with regulations as we do not have long-term contracts with them;
• Having extensive understanding of leather goods manufacturing process, up-to-date machinery and efficient management resulting in competitive pricing while maintaining quality and high efficiency; and
• Having experienced management team with extensive knowledge of the leather goods manufacturing industry where we operate but we cannot assure the retention of key executives and personnel necessary to maintain or expand our business, and the loss of any member of our management team could negatively impact our business plan and expansion.
Our Strategies
We aim to accomplish our business objective, further strengthen our market position and continue to be a competitive manufacturer of leather goods by pursing the following key strategies:
• Broadening our customer base by expanding our geographical market reach to other key markets, including the European markets but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results;
• Enhancing our production capacity but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results; and
• Establishing a new design and development center for enhancing our product development capabilities but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results.
Corporate History and Structure
KMV is a holding company registered and incorporated in the Cayman Islands, and is not a Cambodian operating company. As a holding company with no material operations, we conduct our core business operations in Cambodia through our operating subsidiary, FMF.
On April 5, 2017, FMF is the Group’s key operating subsidiary and was established under the laws of Cambodia to engage in the business of leather goods manufacturing. FMF’s skilled craftsmanship and high-quality manufacturing capabilities are the cornerstones of the Group’s operations and reputation, allowing us to attract business from leading global brands. Customers issue letters of authorization directly to FMF which grant FMF the right to produce and export leather goods using their trademarks, and they frequently visit the production site of FMF located in Cambodia to inspect orders and conduct quality checks. PFL was incorporated under the laws of Hong Kong on November 3, 2016 as a trading company for the Group’s material procurement and customer invoicing.
Note: Net income and revenue are in U.S. dollars (converted from Cambodia’s currency) for the 12 months that ended March 31, 2024.
(Note: Kandal M. Venture Ltd. trimmed its small-cap IPO’s size to 2.0 million shares – down from 2.8 million shares originally – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Feb. 18, 2025.)
(Note: Dominari Securities and Revere Securities are the new joint book-runners, replacing the original book-running team of Cathay Securities and WestPark Capital.)
Cre8 Enterprise, Ltd. CRE American Trust Investment Services/Prime Number Capital, 1.5M Shares, $4.00-5.00, $6.5 mil, 6/30/2025 Week of
We provide financial printing and related services 24/7 to listed companies in Hong Kong, as well as to IPO applicants and private companies. (Incorporated in the British Virgin Islands)
The integrated services provided by Cre8 Hong Kong cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-Submissions of our customers’ financial reports and compliance documents on the website of the Hong Kong Stock Exchange and media placements and of these services.
Note: Net income and revenue are for the 12 months that ended Dec. 31, 2024.
(Note: Cre8 Enterprise, Ltd. is offering 1.45 million shares at a price range of $4.00 to $5.00 to raise $6.53 million, according to its F-1/A filing dated May 23, 2025. Background: Cre8 Enterprise, Ltd. filed its F-1 to go public on Aug.19, 2024, and disclosed the terms for its small-cap IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $8 million.)
Delixy Holdings Ltd. DLXY Bancroft Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 6/30/2025 Week of
We trade crude oil and oil-based products, including fuel oils, gasoline, additives, gas condensate, in Southeast Asia and East Asia. (Incorporated in the Cayman Islands)
We are principally engaged in the trading of oil related products, which can be broadly categorized into (i) crude oil and (ii) oil-based products such as fuel oils, motor gasoline, additives, gas condensate, base oil, asphalt, petrochemicals and naphtha (heavy gasoline), in Southeast Asia and East Asia..
We have the financial capability to provide our customers with financing alternatives and credit terms
We are able to provide our customers with credit terms of up to 90 days by leveraging our strong balance sheet position as well as short term credit facilities available to the Group. Our ability to extend these advantageous credit terms to our customers allows us to cater to the diverse needs of our customers across multiple countries and to provide them with the financial flexibility they may require for their business operations. As of the date of this prospectus, the amount outstanding with respect to these credit facilities is zero.
We have an experienced management team with strong relationships across our value chain.
Our management team headed by our Executive Chairman, Chief Executive Officer and Executive Director Mr. Xie, has decades of trading experience and experience in oil trading as well as in the oil industry generally, including oil refining and logistics. We also maintain strong relationships with our suppliers, storage facilities providers and fleet and logistics providers, and are able to effectively service our clients and ensure a reliable supply of crude oil and oil-based products.
We have robust and strong risk management and internal controls capabilities
We believe that the ability to manage risk is one of our key strengths. Risk management is a core function under the supervision of our senior leadership structure. Our sound risk management practices have contributed to our positive performance through the volatile market environment in recent years and have helped to mitigate earnings volatility.
We are strategically located in Singapore, Asia’s refined products trading hub.
Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.
(Note: Delixy Holding Corp. is offering 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million, according to its F-1/A filings. Of the 2.0 million shares in the IPO. Delixy Holdings Ltd. is offering 1.35 million ordinary shares and the selling shareholders are offering 650,000 ordinary shares.)
FG Holdings FGO American Trust Investment Services/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 6/30/2025 Week of
We are a holding company whose Hong Kong subsidiaries run a FinTech platform that provides mortgage loan brokerage services. (Incorporated in the British Virgin Islands)
We offer – through our operating subsidiaries – a FinTech platform for mortgage loan brokerage services available through private credit and banks. The company gives borrowers mortgage application simulation and access to several mortgage loan options from various lenders.
Since our inception in 2019, FG Global has helped match 528 borrowers with more than $906 million in loans. That loan volume includes $401 million for the fiscal year that ended June 30, 2024.
Note: Net income and revenue are for the 12 months that ended June 30, 2024.
(Note: FG Holdings filed its F-1 on Nov. 18, 2024, and disclosed the terms for its small-cap IPO: 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million. Background: FG Holdings submitted confidential IPO documents to the SEC on Dec. 28, 2023.)
🏁 Emerging Market ETF Launches
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
04/02/2025 - Goldman Sachs India Equity ETF - GIND
03/21/2025 - FT Vest Emerging Markets Buffer ETF - March - TMAR
02/25/2025 - Touchstone Sands Capital Emerging Markets ex-China Growth ETF - TEMX
02/19/2025 - abrdn Emerging Markets Dividend Active ETF - AGEM
02/14/2025 - GMO Beyond China ETF - BCHI
02/06/2025 - PLUS Korea Defense Industry Index ETF - KDEF
01/04/2025 - Simplify China A Shares PLUS Income ETF - CAS
12/24/2024 - FT Vest Emerging Markets Buffer ETF - December - TDEC - Options
11/19/2024 - Fidelity Fundamental Emerging Markets ETF - FFEM - Equity
11/19/2024 - Fidelity Enhanced Emerging Markets ETF - FEMR - Equity
11/13/2024 - Dimensional Emerging Markets ex China Core Equity ETF - DEXC - Equity
10/07/2024 - First Trust WCM Developing World Equity ETF - WCME - Active, equity
09/20/2024 - FT Vest Emerging Markets Buffer ETF - September - TSEP - Options
09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF - PCEM - Equity
09/04/2024 - Macquarie Focused Emerging Markets Equity ETF - EMEQ - Active, equity
09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF - EVLU - Equity
09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF - EQLT - Active, equity
09/04/2024 - SPDR S&P Emerging Markets ex-China ETF - XCNY - Equity, ex-China
08/13/2024 - Simplify Gamma Emerging Market Bond ETF - GAEM - Active, Bond, Latin America
08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF - JEMB - Currency
07/01/2024 - Innovator Emerging Markets 10 Buffer ETF - EBUF - Equity
05/16/2024 - JPMorgan Active Developing Markets Equity ETF - JADE - Equity
05/09/2024 - WisdomTree India Hedged Equity Fund - INDH - Equity, India
03/19/2024 - Avantis Emerging Markets ex-China Equity ETF - AVXC - Active, equity, ex-China
03/15/2024 - Polen Capital China Growth ETF - PCCE - Active, equity, China
03/04/2024 - Simplify Tara India Opportunities ETF - IOPP - Active, equity, India
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares - XXCH - Equity, leveraged, China
01/11/2024 - Matthews Emerging Markets Discovery Active ETF - MEMS - Active, equity, small caps
01/10/2024 - Matthews China Discovery Active ETF - MCHS - Active, equity, small caps
🚽 Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
02/14/2025 - Global X MSCI Emerging Markets Covered Call ETF - EMCC
01/06/2025 - iShares Frontier and Select - FM
10/10/2024 - Pacer CSOP FTSE China A 50 ETF - AFTY
09/26/2024 - American Century Emerging Markets Bond ETF - AEMB
09/19/2024 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF - KDIV
09/19/2024 - KraneShares CICC China 5G & Semiconductor Index ETF - KFVG
09/05/2024 - Amplify Emerging Markets FinTech ETF - EMFQ
07/27/2024 - iPath GEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE
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 (June 23, 2025) was also published on our website under the Newsletter category.