Emerging Market Links + The Week Ahead (March 24, 2025)

PE problems spread, Chinese EVs take over EMs, Pinduoduo’s silence, shorts target Hesai, cheap HK stocks, Turkey stumbles, Colombia stocks, EM stock picks & the week ahead for emerging markets.

In another example of what was discussed at the beginning of yesterday’s post about private equity, the Douglas Research Insights Substack had done this piece on Saturday: Collapse of Homeplus & More Bankruptcies of PE Owned Companies Globally [A Prelude to Big Short II?]

• We discuss an emerging concern in the global financial markets which is that many high-profile PE owned companies around the world are increasingly experiencing bankruptcies or near bankruptcies.

• The excessive leverage that MBK Partners has tried to use on Homeplus has backfired due to higher interest rates, greater competition from E-Mart (KRX: 139480)/Coupang, Inc. (NYSE: CPNG), COVID-19, and lower buying power from asset sales.

• Although it may be premature to declare these bankruptcies/near-bankruptcies to be a prelude to the next Big Short 2, they indeed raise so many alarming bells.

In other words, its not just people appearing on Alex Jones’ Infowars who are noticing the problems private equity’s use of adjustable rate debt is creating and these problems appear to be world wide...

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🇨🇳 China & Hong Kong Stock Picks (February 2025) Partially $

  • JNBY Design, BOC Hong Kong, Xiaomi, Jiangxi Rimag Group, CSPC Pharmaceutical, Trip.com, EHang Holdings, Weichai Power, AIA Group Ltd, Shanghai United Imaging Healthcare, Cloud Music, Luckin Coffee, Will Semiconductor Co Ltd, Alibaba, Bilibili, Yancoal Australia, China Tower Corp Ltd, RoboSense Technology, iQIYI, Baidu, BYD Electronic International, China MeiDong Auto Holdings, Aac Technologies Holdings, Sunny Optical, Jiangsu Lopal Tech Co Ltd, Yum China, Shenzhen Dobot Corp Ltd, JS Global Lifestyle & EVA Precision Industrial Holdings

  • 20+ high conviction stock ideas: Geely Automobile Holdings, Xpeng Inc, Zoomlion Heavy Industry, China Hongqiao Group, Luckin Coffee, ANTA Sports Products, Yum China, Proya Cosmetics, China Resources Beverage Holdings (CR Beverage), WuXi AppTec Co, China Pacific Insurance (Group) Co, PICC Property and Casualty Co Ltd, Tencent, NetEase, Alibaba, Greentown Service Group Co, Xiaomi, Foxconn Interconnect Technology (FIT Hon Teng), BYD Electronic International, Zhongji Innolight Co Ltd, NAURA Technology Group, Will Semiconductor Co Ltd, & Kingdee International Software Group

• 🌐 EM Fund Stock Picks & Country Commentaries (March 23, 2025) Partially $

  • Beware of back floating rate loans (adjusted rate loans) used by PE, overlooked Asian stocks, Kazakhstan/India/Sri Lanka/Pakistan/Vietnam trip reports, Nubank, KASPI, Argentina, Pakistan's market, etc

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📰🔬 Emerging Market Stock Picks / Stock Research

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

🌏 Asia

🌏 Asia-Pacific ETF market expected to grow 30% in 2025 (The Asset) 🗃️

• China on track to surpass Japan as leader, 2024’s explosive growth of 47% across all assets, strategies

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🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Alibaba to Cut Stake in YTO Express as It Scales Back Non-Core Investments (Caixin) $

• Alibaba (NYSE: BABA) is continuing to scale back its non-core investments, announcing plans to reduce its stake in Chinese courier YTO Express Group Co Ltd (SHA: 600233).

• The e-commerce giant’s subsidiary, Hangzhou Haoyue Business Management Co. Ltd., will sell up to 68.94 million YTO shares — equivalent to 2% of YTO’s total stock — via block trades over the next three months, YTO said in a filing Tuesday.

🇨🇳 Pinduoduo (PDD): 4Q24, Not Slowdown, Still Advantage in Low Price Market, 70% Upside (Smartkarma) $

• PDD Holdings (NASDAQ: PDD) or Pinduoduo’s total revenue grew by 24% YoY in 4Q24, with advertising up by 17% YoY and commission up by 33% YoY.

• The gross margin declined YoY, but we still believe PDD has advantage in the low price market.

• We conclude an upside of 71% and a price target of US$215 for the next twelve months.

🇨🇳 Why Pinduoduo’s Silence Is a Nightmare for Analysts and a Blueprint for China’s E-Commerce Dominance (The Great Wall Street - Investing in China)

• Every quarter, like clockwork, the financial world engages in a ritual as predictable as a Beijing traffic jam. Analysts, investors, and the terminally curious flock to the earnings call of PDD Holdings (NASDAQ: PDD) or Pinduoduo’—China’s most enigmatic e-commerce giant—hoping for clarity. Instead, they receive a Rorschach test disguised as a financial update.

• Pinduoduo’s earnings calls are a masterclass in saying nothing. The management responds to three or four carefully selected analysts (who dutifully raise their target price to $190 afterward - you just can’t make these things up!) by simply rereading prepared remarks. If you’re looking for hand-holding narratives, numbers to plug into your Excel spreadsheet, or AI-themed bedtime stories, you’d have better luck getting a straight answer from a Politburo spokesperson.

• In case you missed it here are the numbers for Q4.

🇨🇳 Baozun returns to the black as Gap expansion accelerates (Bamboo Works)

• The e-commerce services and brand management company’s revenue rose 7.7% in the fourth quarter, as it announced plans to open a net 40 new Gap clothing stores in China this year

• Baozun (NASDAQ: BZUN) reported its first net profit in more than three years in last year’s fourth quarter, as its brand management and e-commerce services business posted strong growth

• The company had 152 Gap stores across China at the end of last year, and plans to open another 40 net new stores in 2025

🇨🇳 WuXi AppTec (2359.HK/603259.CH) - The Concerns Behind the 2024 Performance Rebound and 2025 Outlook (Smartkarma) $

• WuXi AppTec Co (SHA: 603259 / HKG: 2359 / OTCMKTS: WUXAY)’s 2024 results are in line with guidance. TIDES business was the key driver of WuXi Chemistry. However, the downturn of “R” business cast a shadow on performance recovery.

• 2025 is a crucial year for WuXi AppTec and the entire CXO industry, as it needs to verify whether about RMB40 billion revenue and 6,000 customers represent the ceiling/growth bottleneck?

• The disposal of WuXi XDC shares help boost WuXi AppTec’s share price. However, due to the geopolitical conflicts/recession risks, the long-term growth prospects of WuXi AppTec are still uncertain.

🇨🇳 Can Kanzhun keep up its game in critical year for employment in China? (Bamboo Works)

• The employment app faces big opportunities, but also challenges, as more people enter the workforce and signs emerge that companies may be ramping up recruitment

• Kanzhun (NASDAQ: BZ)’s net profit jumped by 42.6% to 1.57 billion yuan last year

• The operator of the Boss Zhipin recruitment app saw its number of monthly active users grow by 25.3% last year to 53 million

🇨🇳 Tencent Music (TME, 1698 HK): 4Q24, Historical Margins Better than Game Time (Smartkarma) $

• Tencent Music Entertainment Group (NYSE: TME)’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.

• The operating margin reached its historical high, which means music’s margin is high than game’s.

• We believe the stock price will be double at the end of 2025.

🇨🇳 DouYu swims away from livestreaming in search of fresher waters (Bamboo Works)

• The company’s stock jumped 17% after it reported strong progress in moving beyond its legacy livestream gaming business, even as its quarterly loss swelled

• Douyu International Holdings (NASDAQ: DOYU)’s fourth-quarter revenue sank by 12% and its net loss more than doubled as its monthly average users fell 14% to 44.5 million

• The company’s revenue from advertising and other sources rose 63.6% last year to make up 28% of its revenue as it diversifies from its original livestream gaming business

🇨🇳 China may restart allowing unprofitable tech firms to list, sources say (Caixin) $

• China is likely to restart allowing unprofitable tech companies to list on Shanghai’s STAR Market, sources with knowledge of the matter said, showing intensified financing support for technology innovations.

• The Shanghai Stock Exchange has recently told several intermediary institutions that it particularly supports the listing of high-tech firms, multiple sources from investment banks and private equity firms told Caixin. It’s clear that regulators are paving the way for reopening the IPO channel to money-losing tech companies, they said.

🇨🇳 In Depth: China’s EV sector enters new frontier with solid-state batteries (Caixin) $

• Chinese battery and vehicle manufacturers are planning to start small-scale use of solid-state batteries as they seek new drivers of growth. But there are still some technical kinks to work out before they go into widespread commercial use.

• Solid-state batteries, so-named for their use of solid electrolytes, are considered a potential game changer for the electric vehicle (EV) industry because they enable high-voltage, high-capacity cathodes, which experts said could give them an edge over traditional liquid electrolyte lithium-ion batteries in energy density, safety, lifespan, driving range and charging time.

🇨🇳 Sleek New Chinese EVs Are "Taking Over" In Emerging Markets (ZeroHedge) 🗃️

• Chinese EVs like Great Wall Motor (SHA: 601633 / HKG: 2333 / FRA: GRV / OTCMKTS: GWLLF / GWLLY), BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF), Chery, and SAIC Motor Corp (SHA: 600104) are flooding the streets in places other than the U.S., according to a new report from Bloomberg [Cheap Chinese Cars Are Taking Over Roads From Brazil to South Africa 🗃️].

• While the U.S., Canada, and the EU impose tariffs to protect domestic automakers, emerging markets are embracing Chinese vehicles, creating fresh competition for global carmakers.

• Places like "Bangkok to Johannesburg to Sao Paulo" are being dominated by the new low cost, sleek EVs that China has been churning out en masse over the last half decade.

🇨🇳 No longer alone at head of the NEV pack, Li Auto shows early adopters don’t always win (Bamboo Works)

• While it remains a leader in China’s crowded field of new energy vehicle makers, the company faces growing competition from rivals that are quickly catching up

• Li Auto (NASDAQ: LI)’s profit fell 31% last year to 8.1 billion yuan, as it started off 2025 with weak vehicle deliveries in January and February

• The company is positioning its i8 model as its main force to break into the segment for pure electric vehicles

🇨🇳 Xiaomi is Why Apple Should Have Made a Car (Asianometry)

• Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) roared onto global tech scene, raising the bar on what a Chinese smartphone should be. But when the phone market matured, the company executed a daring strategy shift. And then in March 2021, they announced they would make a freakin' EV. They did it. In this video, the rise of Xiaomi, its turnaround, its ride into EVs, and Apple.

🇨🇳 China’s Hesai denies short-seller claims on revenues and military ties (FT) $ 🗃️

Hesai Group (NASDAQ: HSAI)

• Car-sensor maker’s shares slide after allegations by Blue Orca Capital [Blue Orca is Short Hesai Group]

🇨🇳 Stock Investment Drives Growth in China’s Mutual Fund Sector (Caixin) $

• Equity-focused funds saw their assets under management grow by nearly 60% in 2024

• Funds targeting equities became a significant driver of growth in China’s mutual funds last year, as the government called for the sector to play a greater role in supporting the stock market.

• Mutual funds’ total assets under management (AUM) reached a record high of 32.8 trillion yuan ($4.6 trillion) at the end of last year, up 18.9% year-on-year, figures from the Asset Management Association of China (AMAC) show. Of that, 29 trillion yuan was being managed by open-ended funds.

🇨🇳 Ping An's Strategic Buyout of OneConnect: Navigating Shareholder Approval and Financial Implications Amidst Declining Performance (Smartkarma) $

• OneConnect (NYSE: OCFT) received a non-binding acquisition proposal from Ping An Insurance (SHA: 601318 / HKG: 2318 / SGX: HPAD / OTCMKTS: PNGAY) at $7.98/ADS, requiring 75% shareholder approval.

• Ping An acquired OneConnect's virtual banking division for $119m and terminated its cloud services contract in 2024.

• The buyout is financially attractive for Ping An, acquiring OCFT at net cash levels, with a US$100m consideration.

🇨🇳 In Depth: Higher Profits, Returns Mask Solvency Problems in China’s Insurance Sector (Caixin) $

• China’s insurance companies had a bumper year in 2024. Profits jumped as investment returns benefited from the fourth-quarter stock market revival and from a change in accounting rules, which meant last year’s surge in bond prices could be treated as gains in their earnings reports.

• Last year, the average total return for non-listed life insurance companies jumped to 8.82% from 3.85% in 2023, non-listed general insurers, also known as property and casualty insurers, saw their returns rise to 3.87% from 2.43%, and non-listed reinsurance companies’ returns edged up to 3.03% from 2.65%, according to data from the National Financial Regulatory Administration (NFRA).

🇨🇳 PetroChina Appears Fairly Valued, Despite Its Impressive Outperformance (Seeking Alpha) $ 🗃️

• 🇨🇳🏛️ PetroChina (SHA: 601857 / HKG: 0857 / OTCMKTS: PCCYF) 🇨🇳 - Listed arm of state-owned China National Petroleum Corporation. 🇼

🇨🇳 Miniso struggles to impress investors, even with a successful ‘toy story’ (Bamboo Works)

• The company is finding success with its Top Toy business and overseas expansion, while its core traditional retail segment has become a drag

• MINISO Group Holding (NYSE: MNSO)’s newer chain of Top Toy stores is showing strong growth, despite fierce competition

• The Japanese-style store operator’s shares have come under pressure due to its deep roots in traditional retailing

🇨🇳 CTIHK luxuriates in shadow of China’s tobacco monopoly (Bamboo Works)

• The majority-owned unit of China National Tobacco Corp. reported double-digit profit and revenue growth last year, lighting a fire under its stock

• China Tobacco International (HK) Co Ltd (HKG: 6055)’s profit rose more than 40% last year, as it banked on its monopolistic advantages in China’s massive market for tobacco products

• Shares of the company, which is majority-owned by China’s tobacco monopoly, rose 140% last year to record highs

🇨🇳 A blockbuster cancer drug? TYK’s claims go under the microscope (Bamboo Works)

• The medicines company released scanty but promising results for an experimental drug just as its shares were joining the Hong Kong Stock Connect scheme

• The drug being developed by TYK Medicines Inc (HKG: 2410) targets lung cancer that has spread to the brain, where market competition is already fierce

• The market leader in lung cancer drugs, AstraZeneca (NASDAQ: AZN), declined to comment without seeing more detailed clinical data about the Chinese product

🇨🇳 ENN Energy (2688 HK): ENN Natural Gas to Launch a Privatisation Offer? (Smartkarma) $

• ENN Energy Holdings (HKG: 2688 / FRA: XGH / XGH0 / OTCMKTS: XNGSY / XNGSF) is in a trading halt “pending the issuance of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers containing inside information of the Company."

• ENN Natural Gas Co Ltd (SHA: 600803), also in a trading halt, is likely seeking to privatise ENN through a Cayman scheme. A high AGM minority participation necessitates an attractive offer.

• I use several methods to triangulate the likely offer price, which suggests a price range of HK$66.50-85.01, with an average of HK$76.04, a 28% premium to the last close.

🇭🇰 Deliveroo pulls out of Hong Kong after nine years (The Asset) 🗃️

• UK-based online food delivery group Deliveroo will end operations in Hong Kong on April 7 after nine years of doing business in the Chinese territory and will, it says, sell some parts of the local operation to rival Berlin-based Delivery Hero’s Singapore-based Foodpanda delivery platform.

🇭🇰 What To Do After Futu Holdings Stock Rallied (Seeking Alpha) $ 🗃️

• 🌏 Futu Holdings Ltd (NASDAQ: FUTU) - Digitized brokerage & wealth management platform in China, Hong Kong, USA, etc.

🇭🇰 Henderson Land: Spotlight Is On Unsatisfactory Results And Undemanding Valuations (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🇭🇰 🇨🇳 Henderson Land Development (HKG: 0012 / FRA: HLD / OTCMKTS: HLDCY / HLDVF) - Property developer. High quality new homes & commercial development. 🇼

🇭🇰 Some cheap stocks on the Hong Kong Stock Exchange (Sabar Capital)

• To be clear, these businesses are not fantastic; most operate in a low-technology manufacturing industry, have structural headwinds and low or no-growth potential, and are very small caps. But I was just fascinated with the market valuation so I thought I’d share them here. At best, these could be a cigar butt investing play and at worst, a value trap.

  • China Starch Holdings Ltd (HKG: 3838 / OTCMKTS: CHNSF) is a company that manufactures and sells cornstarch, lysine, starch-based sweeteners, modified starch, and ancillary corn-based and corn-refined products in China.

  • Emperor Watch & Jewellery Ltd (HKG: 0887 / FRA: EPU / OTCMKTS: EPRJF) business is in retailing European-made watches and self-designed fine jewelry products under the Emperor Jewellery brand name.

  • Cirtek Holdings Ltd (HKG: 1433) manufactures and sells printing products in Hong Kong, Macau, PRC, Bangladesh, Vietnam, the US, and internationally.

  • Hyfusin Group Holdings Ltd (HKG: 8512) is in the business of designing, manufacturing, and selling candle products in the US, UK and internationally.

🇲🇴 Galaxy Entertainment: A Beneficiary Of Internal And External Tailwinds (Upgrade) (Seeking Alpha) $ 🗃️

• 🇲🇴 Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) 🇭🇰 - Develops & operates a large portfolio of integrated resort, retail, dining, hotel & gaming facilities in Macau. Operates 3 flagship destinations. 🇼 🏷️

🇲🇴 Galaxy Entertainment eyes Bangkok for potential casino resort: Clayton (GGRAsia)

• Macau-based casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) has expressed interest in developing a casino resort in Thailand’s capital Bangkok, according to comments by Kevin Clayton, identified as chief brand officer of Galaxy Resorts Thailand. His remarks were reported by the Bangkok Post on Friday.

• Last week, the country’s prime minister, Paetongtarn Shinawatra, said the cabinet would not rush the deliberation of the Entertainment Complex Bill, as the government would consider opinions and concerns from all stakeholders.

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🇹🇼 Taiwan

🇹🇼 United Microelectronics: Geopolitical Risks Now Outweigh Rewards (Seeking Alpha) $ 🗃️

• 🌐 United Microelectronics Corp (TPE: 2303 / NYSE: UMC) - Global semiconductor foundry. 🇼 🏷️

🇹🇼 Taiwan Semiconductor: A Moat Too Wide To Cross (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: How Intel's Potential Partnership May Impact The Stock (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: The World's Most Strategic Asset (Seeking Alpha) $ 🗃️

• 🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️

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🇰🇷 Korea

🇰🇷 Korea’s FSC Just Dropped the Final Playbook on the Full Restart of Short Selling. (Smartkarma) $

• Today’s update clarifies which brokers are fully linked to NSDS, giving them an edge in short-selling speed and flexibility, while others face more execution constraints.

• This leads to a clear execution risk gap, requiring traders to factor in trade efficiency differences based on their broker.

• With lower short-selling restriction triggers, liquidity and short-covering dynamics will shift, requiring traders to reassess market impact and adjust strategies accordingly.

🇰🇷 DoubleDown Interactive: Strong Buy On Valuation, Growth Potential (Seeking Alpha) $ 🗃️

• 🌐 DoubleDown Interactive (NASDAQ: DDI) - Developer of social casino games, casual games & mobile applications. 🇼 🏷️

🇰🇷 Kum Yang: A Potential Delisting? [Murphy's Law in Progress] (Douglas Research Insights) $

• Murphy's law is in progress for Kumyang Co Ltd (KRX: 001570).

• On 21 March, Kum Yang's external auditor gave a disclaimer of opinion on the on its audit report.

• Korea Exchange is becoming more serious about delisting shady companies, especially one that receives inappropriate audit opinions for two consecutive years.

🇰🇷 A Potential Family Feud At Dongjin Semichem Post Death of Founder Lee? (Douglas Research Insights) $

• After the death of Dongjin Semichem Co Ltd (KOSDAQ: 005290)'s founder Lee on 25 February, the company has yet to reveal the details of the succession plan.

• There is a potential for a family feud between the two sons of founder Lee if indeed there was no will directing the late chairman Lee's ownership of Dongjin Holdings.

• A potential family feud for the control of Dongjin Semichem could lead to a grab for shares by both the family members as well as the general investors.

🇰🇷 Dalton Investments Going Activist on Kolmar Holdings and NAV Valuation (Douglas Research Insights) $

• In this insight, we discuss Dalton Investments which recently started to go activist on Kolmar Holdings Co Ltd (KRX: 024720) and NAV valuation of this company.

• Our base case valuation of Kolmar Holdings is NAV of 475 billion won or NAV per share of 13,836 won, representing a 46% upside from current levels.

• Dalton Investments is likely to pressure Kolmar Holdings to increase share buyback and cancellations.

🇰🇷 Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector) (Douglas Research Insights) $

• Hanwha Aerospace (KRX: 012450) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.

• We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.

• It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector.

🇰🇷 Collapse of Homeplus & More Bankruptcies of PE Owned Companies Globally [A Prelude to Big Short II?] (Douglas Research Insights) $

• We discuss an emerging concern in the global financial markets which is that many high-profile PE owned companies around the world are increasingly experiencing bankruptcies or near bankruptcies.

• The excessive leverage that MBK Partners has tried to use on Homeplus has backfired due to higher interest rates, greater competition from E-Mart (KRX: 139480)/Coupang, Inc. (NYSE: CPNG), COVID-19, and lower buying power from asset sales.

• Although it may be premature to declare these bankruptcies/near-bankruptcies to be a prelude to the next Big Short 2, they indeed raise so many alarming bells.

🇰🇷 POSCO Holdings Is Selling Nippon Steel Shares Worth 468 Billion Won (Douglas Research Insights) $

• On 19 March, POSCO Holdings (NYSE: PKX) announced that it is selling its stake in Nippon Steel Corporation (TYO: 5401 / FRA: NPS / NPSA / OTCMKTS: NPSCY / NISTF) worth nearly 468 billion won (US$320 million).

• POSCO Holdings' sale of nearly US$320 million worth of Nippon Steel would be about 1.3% of its market cap.

• POSCO Holdings' sale of its stake in Nippon Steel is a positive move for POSCO Holdings as the company is continuing to execute its strategy of selling off non-core assets.

🇰🇷 DN Solutions IPO Valuation Analysis (Douglas Research Insights) $

• Our base case valuation of [machining solutions] DN Solutions suggests target price of 90,167 won per share, which is 1% higher than the high end of the IPO price range.

• Our base case valuation is based on 17.9x P/E using our estimated net profit of 317.9 billion won for DN Solutions in 2025.

• Given the lack of upside, we have a Negative View of this IPO. DN Solutions has higher operating margin and ROE but lower revenue growth than its comps.

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🌏 SE Asia

🇰🇭 The Funan Techo Canal: A New Battleground in the China-India Struggle for Indo-Pacific Influence. (Murray Hunter)

• China’s involvement in Cambodia’s Funan Techo Canal is about much more than just trade or infrastructure—it’s about power, influence, and the shifting balance of geopolitics in Southeast Asia. On the surface, this project appears to be a straightforward economic initiative: a 180-kilometer canal connecting the Mekong River to the Gulf of Thailand, allowing Cambodia to bypass Vietnamese ports and directly access global maritime trade routes. But look deeper, and the canal is part of a much larger strategic contest—one that pits China’s String of Pearls against India’s Necklace of Diamonds, a high-stakes game where ports, naval bases, and infrastructure investments are not just about commerce but about control.

🇮🇩 Metrodata (MTDL IJ) (Asian Century Stocks) $

• Indonesian IT distributor and system integrator trading at 9x P/E

• Metrodata Electronics (IDX: MTDL) — US$410 million) is Indonesia’s largest IT distributor.

• Notebooks, smartphones, and network equipment all flow through Metrodata’s logistics facilities before they are sold to customers. Almost all global consumer electronics brands sell through Metrodata, giving it a nearly complete product portfolio.

• In addition to distribution, the company serves as a system integrator (“digital solutions”): helping design, install and maintain complex hardware and software products from SAP, Workday, Cisco and others. Metrodata works with customers in the financial services, telecom, mining, and other industries to solve any possible IT issues.

🇲🇾 U.S. lawsuit on Genting Malaysia’s Bahamas biz risks hurting Genting for downstate NY licence: CreditSights (GGRAsia)

• Financial research firm CreditSights Inc says it has concerns that an investor lawsuit in the United States faced by a unit of Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) over its Resorts World Bimini casino operation in the Bahamas, potentially “hurts” the Genting group’s chances of winning a downstate New York casino bid in the U.S.

• The information is in a Wednesday update as part of the initiation of the institution’s coverage of Malaysian conglomerate Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) and its unit the global casino operator Genting Malaysia. The latter has gaming business in Malaysia, the United States and the Bahamas, and the United Kingdom and Egypt.

🇲🇾 Top Glove Corp (TOPG MK): Recovery Continues, ASP Improves, Demand Outlook Stays Strong (Smartkarma) $

• Top Glove Corporation (KLSE: TOPGLOV / SGX: BVA / OTCMKTS: TPGVF) achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M.

• Management remains bullish on the U.S. market with North America region (23% of revenue) witnessing 13% QoQ sales growth in 2QFY25.

• ASP were up 3–4% across product categories. Top Glove expects the ASP to further strengthen.

🇵🇭 Union Bank Philippines to raise funds for digital offerings (The Asset) 🗃️

Union Bank of the Philippines (PSE: UBP)

• Bond issuances of over US$2 billion aim to nurture growth of digital banking arm, support other initiatives

• UnionDigital is one of six banks that hold digital banking licences in the Philippines, allowing them to operate in a purely digital manner, with no physical brick-and-mortar branches.

🇵🇭 PLDT: A New Hope After Its Deep Plunge (Seeking Alpha) $ 🗃️

• 🇵🇭 PLDT (NYSE: PHI) or Philippine Long Distance Telephone Company - Telecommunications & digital services. Controlled by First Pacific Co Ltd (HKG: 0142 / FRA: FPC / OTCMKTS: FPAFY / FPAFF). 🇼

🇸🇬 Sea Ltd.: We've Likely Seen Nothing Yet (Seeking Alpha) $ 🗃️

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

🇸🇬 Shopee brings back Ronaldo, with a twist (Momentum Works)

• More than 5 years later, after a rollercoaster ride of pandemic high, massive stock market reversal, and an assault by TikTok Shop on its home turf, Shopee finally gets the Ronaldo mojo back.

• Well, not exactly the same Ronaldo. A few days ago, Shopee signed retired Brazilian football star Ronaldinho Gaúcho as a brand ambassador. Ronaldinho, known as “the wizard”, was known for his creative and entertaining tricks. He won multiple awards during his 20 year career.

• Sea Group, which recently delivered a solid set of Q4 2024 results, seems to have weathered through the challenges of the last three years.

🇸🇬 Grab: I Used It, I Analyzed It, And I'm Buying (Seeking Alpha) $ 🗃️

🇸🇬 Grab: A Great International Diversification Play (Rating Upgrade) (Seeking Alpha) $ 🗃️

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

🇸🇬 Sembcorp Industries Announced a Strategic Reorganisation: Can its Share Price Hit a New High? (The Smart Investor)

• Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or SCI, is on a roll.

• The blue-chip utility and urban development specialist saw its share price soar 54% in 2023 and another 4% last year.

• Year-to-date, shares are up 10.3% and just touched a 52-week high of S$6.45, close to its all-time high of S$6.50 back in 2007.

• SCI recently released its 2024 earnings which saw management more than double its final dividend from S$0.08 last year to S$0.17

• Along the way, the group also announced a strategic reorganisation to accelerate its growth.

• Can SCI’s share price go on to hit new highs? Let’s find out.

  • Appointing managers for key business lines

  • Promising growth engines

  • Regional expansion for gas services

  • Scaling up its renewables portfolio

  • New growth regions for integrated urban solutions

  • Get Smart: Promising, but needs time

🇸🇬 4 Singapore Stocks Scaling New 52-Week Highs: Can Their Momentum Continue? (The Smart Investor)

• With these four stocks breaking through their year-highs, should you include them in your investment portfolio?

• Here are four stocks that recently broke through their 52-week highs and you can decide if they deserve to be on your buy watchlist.

  • China Sunsine Chemical Holdings (SGX: QES), or CSC, is a specialty chemical producer that sells rubber accelerators, insoluble sulphur, and other vulcanising agents.

  • Nam Cheong Ltd (SGX: 1MZ / OTCMKTS: NCHGF) is an offshore marine group specialising in the building and chartering of offshore support vessels (OSVs).

  • Tat Seng Packaging Group Ltd (SGX: T12) is an industry leader in the delivery of corrugated packaging solutions to a wide range of industries.

  • Valuemax Group (SGX: T6I) provides pawnbroking and secured moneylending services and also sells pre-owned jewellery and gold.

🇸🇬 5 Singapore Technology Stocks You Can Consider for Your Growth Portfolio (The Smart Investor)

• With the technology sector booming in the US, here’s how you can gain exposure to this promising industry.

  • PC Partner Group Ltd (HKG: 1263 / SGX: PCT / OTCMKTS: PCPPF) is a manufacturer of computer electronics with overseas offices that sells its own brand of products.

  • AEM Holdings (SGX: AWX) provides comprehensive semiconductor and electronics test solutions.

  • Frencken Group Ltd (SGX: E28) is a technology solutions provider for multinational corporations.

  • CSE Global Ltd (SGX: 544 / FRA: XCC / OTCMKTS: CSYJY / CSYJF)) is a systems integrator that provides electrification, communications, and automation solutions across different industries.

  • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) provides equipment manufacturing and engineering services to original equipment manufacturers (OEMs) of semiconductors and related products.

🇹🇭 Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth (Smartkarma) $

• Bangkok Dusit Medical Services (BKK: BDMS / BDMS-R / OTCMKTS: BDULF / BDMSF) posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.

• EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.

• COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.

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🇮🇳 India / South Asia / Central Asia

🇮🇳 Hyundai India’s ₹31,500 Cr Related-Party Deal Sparks Governance Debate (Smartkarma) $

• Hyundai Motor India (NSE: HYUNDAI / BOM: 544274) has proposed seven related-party transactions worth over INR 31,500 crore, just months after its record-breaking IPO.

• Proxy advisors are sharply divided, with concerns around valuation, transparency, and fairness, raising governance red flags for a newly listed company.

• Despite likely approval due to promoter holding, investor trust hinges on how Hyundai communicates and ensures accountability post-IPO.

🇮🇳 Coromandel's Strategic Play for NACL Industries: Bottom of the Agrochem Cycle Bargain? (Smartkarma) $

• Coromandel International (NSE: COROMANDEL / BOM: 506395), a key Murugappa Group company, acquired a 53% controlling stake in NACL Industries Ltd (NSE: NACLIND / BOM: 524709) for INR 820Crs on March 12, 2025 at INR 76.70 per share.

• NACL Industries is a Hyderabad-based agrochemical firm with manufacturing units, a diverse product portfolio, and technical export capabilities, including a presence in contract manufacturing.

• With this merger at decent valuation, Murugappa group (which is known for efficient capital allocation) certainly make it more efficient and value accretive for their business.

🇮🇳 The Beat Ideas: Adani Cements: Massive 140 MTPA Capacity Expansion, A Roadmap to FY28 (Smartkarma) $

• Ambuja Cements (NSE: AMBUJACEM / BOM: 500425), established in 1983 by traders Narotam Sekhsaria and Suresh Neotia, leveraged strategic foresight to become a premier Indian cement giant within the diversified Adani Group.

• In 2022, Adani acquired Ambuja Cement at INR 385/share, valuing it at INR 49,620 crore ($6.4 billion), at EBITDA/ton levels (INR900-INR1,000) similar to the company's current performance.

• Ambuja Cement is strategically positioned to achieve a substantial 44% increase in its cement production capacity by FY28, reaching a total of 140 MTPA from the current 97 MTPA.

🇮🇳 India's Summer Stock: Voltas Ltd- Navigating Supply Headwinds (Smartkarma) $

• Voltas Ltd (NSE: VOLTAS / BOM: 500575) is shifting to a volume-led strategy while investing INR 260 crore to build in-house compressor manufacturing under PLI 3.0.

• This approach de-risks supply chains, maintains mass-market pricing, and supports growth amid rising raw material and currency pressures.

• Voltas is evolving from a margin-led to scale-focused player, making it a resilient long-term bet on India’s low AC penetration and summer-driven demand.

🇮🇳 Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain (Smartkarma) $

• Bain Capital is acquiring a 41.7–46% stake in Manappuram Finance Ltd (NSE: MANAPPURAM / BOM: 531213), marking a shift from a promoter-led to a professionally managed NBFC.

• This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.

• While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.

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🌍 Middle East

🇹🇷 Turkish Airlines Stock Tumbles On Political Unrest In Turkey (Seeking Alpha) $ 🗃️

• 🌍 TAV Havalimanlari Holding AS (IST: TAVHL / OTCMKTS: TAVHF) - Turkish airport operation & services with 15 airports in 8 countries (Turkey, Croatia, Georgia, Kazahstan, Latvia, North Macedonia, Saudi Arabia & Tunisia). Part of Groupe ADP (EPA: ADP). 🇼 🏷️

🇹🇷 All Hell Breaks Loose In Turkey: Arrest Of Erdogan's Top Opponent Sends Lira Crashing To Record Low, Triggers Marketwide Trading Halt (ZeroHedge) 🗃️

• You can take the banana out of the republic, but you can never take the banana republic out of Turkey.

• One day after we pointed out that Erdogan was resorting to ruthless authoritarian practices traditionally reserved for such EU nations as Romania, in which the Turkish dictator was preparing to block his top political challenger from competing against him...

• ... Erdogan has done just and early Wednesday morning, Erdogan stunned markets when he arrested the popular mayor of Istanbul, Ekrem Imamoglu, 54, who is also the top contender for the presidency.

🇹🇷 Turkish assets take a confidence hit (FT) $ 🗃️

• Crackdown on political opposition will shake international investors’ faith in Ankara

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🌍 Africa

🌍 Africa Oil: A Brand New Situation After The Merger (Seeking Alpha) $ 🗃️

• 🌍 Africa Oil Corp (TSE: AOI / STO: AOI / FRA: AFZ / OTCMKTS: AOIFF) - Oil & gas exploration & production + exploration & appraisal assets in Africa.

🇿🇦 Sibanye Stillwater: Possibly Overbought After Its Latest Surge (Seeking Alpha) $ 🗃️

• 🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

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🌍 Eastern Europe & Emerging Europe

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🌎 Latin America

🌎 Arcos Dorados Provided Little Data On Its Franchise Agreement, The Name Is Not Attractive (Seeking Alpha) $ 🗃️

• 🌎 Arcos Dorados Holdings Inc (NYSE: ARCO) - World’s largest independent McDonald’s franchisee. Exclusive right to own, operate & grant franchises of McDonald’s restaurants in 20 Latin American & Caribbean countries & territories. 🇼 🏷️

🌎 Coca-Cola FEMSA: Currency Volatility Tempers Strong Results (Seeking Alpha) $ 🗃️

• 🌎 Coca-Cola Femsa SAB de CV (NYSE: KOF) - Largest franchise bottler of Coca-Cola products in the world by volume. 🇼 🏷️

🌎 Patria Investments: A Taste Of Latin America In Your Portfolio, With Sizzling Profit Margins (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. 🏷️

🌎 Ternium: Upgrading To Buy Despite Bad Q4 Results (Seeking Alpha) $ 🗃️

• 🌎 Ternium S.A. (NYSE: TX) 🇱🇺 - Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. Subs. of Argentine-Italian conglomerate Techint. 🇼 🏷️

🌎 Tenaris May Be An Unexpected Winner From The Trump Steel Tariffs (Seeking Alpha) $ 🗃️

• 🌐 Tenaris S.A. (NYSE: TS) 🇱🇺 - Welded steel pipes for gas pipelines (South America). Subs. of Argentine-Italian conglomerate Techint. 🇼

🇰🇾🌎 Consolidated Water: A Tiny Company With A Big Future (Seeking Alpha) $ 🗃️

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

🇦🇷 Argentines snap up foreign goods as Javier Milei strengthens peso (FT) $ 🗃️

• Chinese solar panels and Uruguayan butter arrive as president tackles inflation by easing import restrictions

🇦🇷 Lithium Argentina: A Possible Acquisition Target (Seeking Alpha) $ 🗃️

• 🇦🇷 👼🏻 Lithium Argentina AG (NYSE: LAR) - Lithium brine evaporation ponds & processing facility. Pipeline of development & exploration projects.

🇦🇷 YPF S.A.: New Growth Catalysts Will Likely Revitalize Share Price In Coming Months (Seeking Alpha) $ 🗃️

• 🇦🇷 🏛️ Ypf Sa (NYSE: YPF) - Vertically integrated, majority state-owned Argentine energy company. Oil & gas exploration & production + transportation, refining & marketing of gas & petroleum products. 🇼 🏷️

🇧🇷 Embraer: A Strategic Acquisition With A Long-Term Focus (Seeking Alpha) $ 🗃️

• 🌐 Embraer SA (BVMF: EMBR3 / NYSE: ERJ) - The 3rd largest producer of civil aircraft after Boeing & Airbus & the leading provider of regional jets worldwide. 🇼 🏷️

🇧🇷 Sendas Distribuidora Q4: Despite Positive Performance, Caution Is Essential (Seeking Alpha) $ 🗃️

• 🇧🇷 Sendas Distribuidora SA (BVMF: ASAI3 / OTCMKTS: ASAIY) or Assaí Atacadista - Self-service wholesale company (Cash & Carry). 🇼 🇼 🏷️

🇧🇷 Eletrobrás Q4: Good Result Despite Modest Operational Performance (Seeking Alpha) $ 🗃️

🇧🇷 Eletrobrás: Still Room To Ride The Momentum After Q4 (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. 🇼

🇧🇷 Vale's Risk-Reward Has Shifted After A Strong Run (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌐 Vale (NYSE: VALE) - Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️

🇧🇷 StoneCo Q4: Results Improving, But Pay Attention To This Indicator (Seeking Alpha) $ 🗃️

• 🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 - Fintech. Financial technology & software solutions to merchants for eCommerce.

🇨🇱 Enel Chile Is Fairly Valued, After A Record 2024 That Is Challenging To Repeat (Seeking Alpha) $ 🗃️

• 🇨🇱 Enel Chile (NYSE: ENIC) - Develops, operates, generates, distributes, transforms and/or sells energy. 🇼

🇨🇴 Colombia government chaos deepens as finance minister quits (FT) $ 🗃️

• President Gustavo Petro loses his 13th minister this year with departure of Diego Guevara

🇨🇴 LatAm March issue, Part 2 (TheOldEconomy Substack)

• Colombian edition

• The first listing, Almacenes Exito Sa (BVMF: EXCO32 / FRA: 7QX / OTCMKTS: EXTOY), is no longer available. So, the number of tradable securities in the US is five. The limited number of ADRs means there are no liquid options on Colombian equities.

• Unsurprisingly, the top performers are the Colombian banks, followed by Ecopetrol SA (NYSE: EC).

🇨🇴 Oil giant's leaked data reveals 'awful' pollution (BBC)

• Colombian energy giant Ecopetrol SA (NYSE: EC) has polluted hundreds of sites with oil, including water sources and biodiverse wetlands, the BBC World Service has found.

• Data leaked by a former employee reveals more than 800 records of these sites from 1989 to 2018, and indicates the company had failed to report about a fifth of them.

🇲🇽 Grupo Televisa: A Great Test Of Patience (Seeking Alpha) $ 🗃️

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

🇲🇽 Grupo Aeroportuario del Pacífico: Undervalued Airport Stock Provides Opportunity (Seeking Alpha) $ 🗃️

• 🇲🇽 Grupo Aeroportuario del Pacífico or GAP (NYSE: PAC / BMV: GAPB) - Operates 12 airports in the Pacific region of Mexico. 🇼 🏷️

🇲🇽 OMA Airports: Significant Discount Due To Market Disruptions (Seeking Alpha) $ 🗃️

• 🇲🇽 Grupo Aeroportuario del Centro Norte or OMA (NASDAQ: OMAB / BMV: OMA) - Operate, manage & develop 13 international airports in central & northern Mexico. 🇼 🏷️

🇵🇦 Copa Holdings: Trying To Explain The Discount (Seeking Alpha) $ 🗃️

• 🌎 Copa Holdings (NYSE: CPA) - Leading Latin American provider of airline passenger & cargo service through Copa Airlines & AeroRepública. 🇼 🏷️

🇵🇦 First Quantum: Possible Cobre Panama Resolution Could Boost Stock (Seeking Alpha) $ 🗃️

• 🌐 First Quantum Minerals Ltd (TSE: FM / FRA: IZ1 / OTCMKTS: FQVLF) - High-quality, low-cost copper mines. Kansanshi (Africa) & Cobre Panama. Copper & nickel projects in Africa & Australia. Gold, zinc & cobalt. 🇼

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🌐 Global

🌏 In Depth: Where Chinese overseas investment is heading (Caixin) $

🌐 The Big Mac Index and the Coming Currency Realignment (The Emerging Markets Investor)

🌐 Why Nebius Is A High-Conviction Play (Seeking Alpha) $ 🗃️

🌐 Nebius: Potential European AI Darling (Seeking Alpha) $ 🗃️

🌐 Nebius: Growth Trap Amidst Supply-Constrained AI Bubble (Seeking Alpha) $ 🗃️

🌐 Nebius: A 10x AI Growth Story Still Flying Under Wall Street's Radar (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. 🇼 🏷️

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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):

• Ecuador Ecuadorian Presidency 2025-04-13 (d) Confirmed 2025-02-09

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

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

• Romania Romanian Presidency 2025-05-04 (d) Confirmed 2024-12-08

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

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

• Poland Polish Presidency 2025-05-18 (d) Confirmed 2020-07-12

• Venezuela Venezuelan National Assembly 2025-05-25 (d) Date not confirmed 2020-12-06

• Macau Chinese Legislative Council (Macau) 2025-09-21 (t) Date not confirmed 2021-09-12

• Côte d'Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31

• Argentina Argentinian Chamber of Deputies 2025-10-26 (t) Date not confirmed 2023-10-22

• Argentina Argentinian Senate 2025-10-26 (t) Date not confirmed 2023-10-22

• Czech Republic Czech Chamber of Deputies 2025-10-31 (t )Date not confirmed 2021-10-08

• 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

• Singapore Singaporean Parliament 2025-11-30 (t) Date not confirmed 2020-07-10

• Hong Kong Hong Kong Legislative Council 2025-12-31 (t) Date not confirmed 2021-09-05

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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):

Baiya International Group BIYA Cathay Securities/ Revere Securities, $2.5M Shares, $4.00-4.00, $10.0 mil, 3/21/2025 Priced

(Incorporated in the Cayman Islands)

We, Baiya International Group Inc. (“Baiya”), are an offshore holding company. As a holding company, we have no material operations and conduct all of our operations in China through the VIE, Shenzhen Gongwuyuan Network Technology Co., Ltd. (“Gongwuyuan”), and its subsidiaries, collectively, “PRC operating entities”. We entered into a series of Contractual Arrangements with the VIE and certain shareholders of Gongwuyuan, and this structure involves unique risks to investors. See “Risk Factors — Risks Relating to Doing Business in China” for more information. Neither we nor our direct and indirect subsidiaries own any equity interests in the PRC operating entities.

Gongwuyuan started to provide job matching services in 2017. In November 2019, Gongwuyuan began developing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. We have been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with our traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace.

Currently our business focuses on four (4) primary services: (i) job matching services; (ii) entrusted recruitment services; (iii) project outsourcing services; and (iv) labor dispatching services in the flexible employment market within China, primarily in the core manufacturing regions including the Pearl River Delta and Yangtze River Delta region. With respect to labor dispatching services, however, we are strategically reducing this service, considering the negative gross profit historically. Gongwuyuan plans to pursue its business growth by continuing to supplement its existing offline service model by introducing and integrating its Gongwuyuan Platform to provide better services in the flexible employment market throughout China. In addition, we plan to improve our services by continuing to develop and integrate digital technologies including crowdsourcing, big data and artificial intelligence to enhance the Gongwuyuan Platform. We believe these efforts will allow us to provide sufficient job matching and one-stop SaaS-enabled HR solutions to Customers, Employing Companies and workers in the flexible employment marketplace throughout China.

Note: Net loss and revenue are for the 12 months that ended June 30, 2024.

(Note: Baiya International Group priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and priced 2.5 million shares – the number of shares in the prospectus – to raise

(Note: Baiya International Group cut its IPO’s size to 2.5 million shares – down from 3.0 million shares initially – and kept the price range at $4.00 to $6.00 to raise $12.5 million, according to an F-1/A filing dated Sept. 10, 2024. In that same SEC filing, Cathay Securities was added as the “lead left” joint book-runner to work with Revere Securities.)

Gesher Acquisition Corp. II GSHRU BTIG, $12.5M Shares, $10.00-10.00, $125.0 mil, 3/21/2025 Priced

(Incorporated in the Cayman Islands)

We currently intend to focus on target businesses located in Israel, particularly those that conduct business internationally in Asia, Europe or North America. We will not pursue, however, any target nor consummate an initial business combination with any entity that is incorporated, organized or has its principal business operations in China, Hong Kong or Macau.

Our intended industries of focus include verticals where our management team’s partners have historically invested and collaborated successfully. In particular, our management team believes their past experiences in the areas of mobility and electric vehicles, autonomy and robotics, agricultural technologies (Agtech) and financial technology (fintech) will provide access to a significant number of potential business combination targets in these sectors.

(Note: Gesher Acquisition Corp. II priced its SPAC IPO on March 20, 2025, in sync with the terms in its prospectus: 12.5 million units at $10.00 each to raise $125.0 million. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.)

(Note: Gesher Acquisition Corp. II is offering 12.5 million units at $10.00 each to raise $125.0 million, according to its S-1 and S-1/A filings.)

J-Star Holding Co., Ltd. YMAT Maxim Group, $1.3M Shares, $4.00-5.00, $5.6 mil, 3/24/2025 Week of

As a holding company with no material operations of our own, our operations are conducted through our subsidiaries in the People’s Republic of China (the “PRC”), Taiwan, Hong Kong and Samoa, with our headquarters in Taiwan, and such structure involves unique risks to investors, as the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time. (Incorporated in the Cayman Islands)

Our Predecessor Group was established in 1970 and we have accumulated over 50 years know-how in material composite industry. We develop and commercialize the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, we are able to apply our expertise and technology on designing and manufacturing a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. According to the industry report commissioned by us and prepared by Frost & Sullivan, we are one of the major global leading players in the carbon fiber bicycle parts industry and carbon fiber racket parts industry.

We primarily generate revenue through three divisions and revenue streams, namely (i) sales of bicycles parts of sports bicycle and electric bicycle; (ii) sales of rackets for use in tennis, badminton, squash and beach tennis; and (iii) sales of other products, which mainly include structural parts of automobile, other sporting goods and healthcare products. Our bicycle parts and rackets are mainly supplied directly or indirectly to branded customers located in Switzerland, France, Italy, the Netherlands, Germany and Japan and they market and distribute their products worldwide. Other customers who rely on our new products, such as automobile parts and healthcare products, are mainly located in Australia, Canada and Japan.

*Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: J-Star Holding Co. Ltd. cut its IPO’s size to 1.25 million shares – down from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $5.63 million in an F-1/A filing dated Aug. 2, 2024; in that same filing, the company said that Maxim Group is the new sole book-runner, replacing EF Hutton. Background: J-Star Holding Co. Ltd. reduced the size of its IPO again – to 2.0 million shares – down from 2.5 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million in an F-1/A filing dated June 13, 2024. In that June 13, 2024, filing, J-Star Holding Co. Ltd. disclosed that EF Hutton is the new sole book-runner, replacing the previous joint book-running team of Maxim Group LLC and Freedom Capital Markets.)

(Background: J-Star Holding Co. Ltd. cut its IPO to 2.5 million shares – down from 4.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $11.25 million, according to an F-1/A filing dated Sept.19, 2023.)

(Note: J-Star Holding Co. Ltd. cut its IPO to 4.0 million shares – down from 5.375 million shares – and set the price range at $4.00 to $5.00 – an upward adjustment from its previous assumed IPO price of $4.00 – to raise $18.0 million, in an F-1/A filing dated Feb. 8, 2023. The downsizing represented a 16.3 percent cut in J-Star’s estimated IPO proceeds, which were $21.5 million under the previous terms. J-Star also disclosed a change in the bankers running its IPO, in the Feb. 8, 2023, F-1/A filing: Maxim Group LLC and Freedom Capital Markets are the joint book-runners, replacing ViewTrade Securities, which previously was the sole book-runner. Background: J-Star upsized its IPO in an F-1/A filing dated Sept. 2, 2022: 5.375 million shares at $4.00 – up from 5.25 million shares at $4.00 in a previous filing on Aug. 19, 2022. Under the new terms, the IPO’s proceeds are estimated at $21.5 million – or $500,000 more than the previous terms. J-Star Holding Co. Ltd. disclosed terms for its IPO in an F-1/A filing dated July 13, 2022: 3.75 million ordinary shares at $4.00 each to raise $15.0 million. J-Star Holding filed an F-1/A dated May 26, 2022, with financial information for the fiscal year ended Dec. 31, 2021. The company filed its F-1 on March 21, 2022, after submitting confidential IPO paperwork on Sept. 30, 2021.)

Kandal M. Venture Ltd. FMFC Dominari Securities/Revere Securities, $2.0M Shares, $4.00-5.00, $9.0 mil, 3/24/2025 Week of

(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.)

Top Win International Ltd. TOPW Dominari Securities/ Revere Securities, $2.7M Shares, $4.00-6.00, $13.3 mil, 3/24/2025 Week of

Through our Operating Subsidiary in Hong Kong, Top Win International Trading Limited, we are a wholesaler engaged in trading, distribution, and retail of luxury watches of international brands.

As the purveyor of fine watches, we source luxury products directly or indirectly from authorized dealers, distributors, and brand owners, located in Europe, Japan, Singapore, and other locations, and sell them to our customers, comprising independent watch dealers, watch distributors, and retail buyers within the watch industry. Our strategic location in Hong Kong positions us advantageously within the Asia-Pacific luxury market. This region has seen significant growth in demand for luxury goods, driven by rising disposable incomes and a growing appreciation for high-quality, branded products. We currently offer a selection of over 30 internationally renowned watch brands, including Blancpain, Breguet, Cartier, Chopard, Hermes, IWC, Jaeger, Rolex, Omega, and Longines. We primarily trade watches within the price range of $1,900 to $7,500 with our target customers being middle to high-income earners.

Note: Net loss and revenue are in U.S. dollars for the 12 months that ended June 30, 2024.

(Note: Top Win International Ltd. is offering 2.664 million shares at a price range of $4.00 to $6.00 to raise $13.325 million, according to its F-1/A filing dated March 10, 2025.)

Waton Financial Ltd. WTF Cathay Securities, $5.0M Shares, $4.00-6.00, $25.0 mil, 3/24/2025 Week of

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

We are a provider of securities brokerage and financial technology services primarily through our Hong Kong subsidiaries, Waton Securities International Limited, or WSI, and Waton Technology International Limited, or WTI.

WSI is principally engaged in the provision of (i) securities brokerage services for securities listed on the Hong Kong Stock Exchange, including shares under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the New York Stock Exchange (NYSE) and the Nasdaq Stock Market, margin financing services and other ancillary services through WSI’s electronic trading platform to its corporate and individual brokerage customers and bond distribution services; and (ii) software licensing and related support services including the licensing of trading platform APP, upgrades and enhancements, maintenance and other related services to financial institutions. Since September 2023, WTI has provided software licensing and related support services in order to focus on the expertise of operations and service areas. WSI has developed and provided Broker Cloud solutions to securities brokers with the combination of software licensing and related support services, securities brokerage services, margin financing services and other related services, where securities broker customers are provided with a perpetual on-premise licensed trading platform APP and optional related support services, with the front-, middle- and back-office operation functions and securities trading function where securities trading orders can be cleared and settled through WSI.

Founded in 1989, WSI is an established integrated securities broker in the Hong Kong financial services industry. WSI is licensed to conduct Type 1 (dealing in securities), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 9 (asset management) regulated activities under HKSFO in Hong Kong. WSI is a Hong Kong Stock Exchange participant and holds one Hong Kong Stock Exchange trading right. WSI provides securities brokerage services through WSI’s integrated electronic trading platform, which is easy to access, use, and deposit to WSI’s customers. The trading platform can be accessed through WSI’s APP, which provides WSI’s customers with a seamless and secured trading experience. WSI offers its customers comprehensive brokerage and value-added services, including trade order placement and execution, account management, and customer support. WSI further provides its customers with market data, news and research, so as to help them make well-informed investment decisions. WSI has accumulated a corporate and individual customer base across the globe, including a securities brokerage company in New Zealand known as Wealth Guardian Investment Limited (“WGI”), which is a related party of the Company. We derived a substantial portion of revenues from WGI, which accounted for approximately 39.5% and 81.5% of our total revenues in the fiscal years ended March 31, 2024 and 2023, respectively, and approximately 68.0% and 98.2% of our total revenues for the six months ended September 30, 2024 and 2023, respectively. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — We derived a substantial portion of revenue from WGI, a single related party customer”. By capitalizing on its customer base, WSI commenced to provide bond distribution services by acting as a manager, a placement agent or a non-syndicate capital market intermediary, to procure subscribers to subscribe and pay for bonds in principal amounts during the fiscal year ended March 31, 2024 and for the six months ended September 30, 2024. As of September 30, 2024, WSI had more than 5,800 securities brokerage customers who opened trading accounts with WSI, 59 of which are corporate customers who opened corporate accounts and three of which are introducing broker customers who opened omnibus accounts. The remaining portion of the securities brokerage customers are individual customers whoopened individual accounts and typically trade through WSI’s trading platform APP. As of the same date, WSI had over 600 active customers, who were registered customers with assets in their trading accounts. We generate brokerage and commission income from WSI’s securities brokerage, bond distribution and other ancillary services and interest income from WSI’s margin financing services, and our brokerage and commission income and interest income which amounted to approximately US$9.4 million and US$2.3 million, and accounted for approximately 93.4% and 39.9% of our total revenues, for the fiscal years ended March 31, 2024 and 2023, respectively, and amounted to approximately US$1.8 million and US$1.9 million, and accounted for approximately 61.3% and 83.7% of our total revenues, for the six months ended September 30, 2024 and 2023, respectively.

Leveraging on WSI’s accumulated industry knowledge on the needs of small and medium-sized securities brokers and operational experience in online brokerage over the years, WSI started to develop the provision of fintech solutions in trading platform APP software licensing and related support services targeting the securities brokers and securities-related financial institutions in April 2021. We are a pioneer of business-to-business fintech services in the Asia-Pacific region to offer one-stop brokerage software solutions to small and medium-sized brokers, according to Frost & Sullivan Limited, or Frost & Sullivan. WSI provides one-stop, integrated and customized software solutions to develop trading platform APP that covers the front-, middle- and back-office operations of securities brokerage business such as electronic trade order placing, customer relationship management and operational data management, in addition to the business-to-business securities order clearing and settlement services provided by WSI in the Broker Cloud solutions, which enables the securities broker customers to digitalize and streamline their business operations, and interact with the financial market more efficiently. As of September 30, 2024, March 31, 2024 and 2023, WSI and WTI provided software licensing and related support services to a total of five, three and five securities brokers and securities-related financial institutions, respectively, including WGI, which is a related party of the Company. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — We derived a substantial portion of revenue from WGI, a single related party customer”. We generate software licensing and related support service income from WSI’s and WTI’s software licensing and related support services, which amounted to approximately US$1.4 million and US$3.5 million, and accounted for approximately 13.7% and 60.1% of our total revenues for the fiscal years ended March 31, 2024 and 2023, respectively, and amounted to approximately US$1.1 million and US$0.7 million, and accounted for approximately 38.7% and 29.0% of our total revenues, for the six months ended September 30, 2024 and 2023, respectively. WSI and WTI have outsourced the software licensing and related support services to Shenzhen Jinhui Technology Co., Ltd., a related party of the Company. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — WSI and WTI are dependent on a single related party supplier, Shenzhen Jinhui Technology Co., Ltd., an information technology company and a related party controlled by Mr. Zhou Kai, our Chairman of the Board, Director, Chief Technology Officer and shareholder, for providing software development and related support services”.

Note: Net income and revenue are for the 12 months that ended Sept. 30, 2024.

(Note: Waton Financial Ltd. is offering 5.0 million shares at a price range of $4.00 to $6.00 to raise $25.0 million.)

WF Holding Ltd. WFF Dominari Securities/ Revere Securities, $2.0M Shares, $4.00-6.00, $10.0 mil, 3/24/2025 Week of

We are a holding company whose business is conducted by Win-Fung, our wholly owned subsidiary in Malaysia. (Incorporated in the Cayman Islands)

We are a manufacturer of fiberglass reinforced plastic, or FRP, products based in Malaysia. For over 30 years, we have been providing high-quality and durable FRP products to various industries, including, among others, chemical processing, water and wastewater treatment, and power generation.

We sell a broad range of FRP products, including filament wound and molded tanks, thermoplastic tanks, lining products, pipes, ducting and fitting products, air pollution control equipment, gratings and other custom-made products. We also offer delivery, installation and repair and maintenance services, as well as on-site consultation services.

We use advanced production technology and equipment and have obtained various certifications, including an ISO 9001:2015 certification from NQA. Our manufacturing capabilities allow us to design and fabricate products that meet the specific needs of our clients, ensuring high-quality and reliable performance.

FRP is a composite material made up of a polymer that is reinforced with fibers. In general, the polymers used include epoxy, vinyl ester and polyester, while the fibers used include glass, carbon, aramid and basalt. The combination of fibers and polymers provide FRP with unique properties such as high strength, stiffness and durability. This has enabled FRP to be utilized in a wide and diverse range of industries and applications, including the construction, aerospace, marine, electrical, as well as chemical industries.

Within the construction industry, FRP is used in the manufacture of panels, roofing, cladding and reinforcement bars. In the automotive industry, FRP can be used in applications such as making body panels, bumpers, and spoilers. FRP is used in making aircraft parts such as wings, fuselage, and tail sections in the aerospace industry, while in the marine industry, FRP is utilized in making the body parts of boats, yachts and ships. In the electrical industry, FRP can be used for making insulators, transformers, and switchgear. FRP is also used in applications in the chemical industry including making storage tanks, pipes and ducts.

FRP is used in a growing number of applications across various industries. Designs that require lighter materials, precision engineering with higher tolerances or even simple components have increasingly been manufactured using FRP. These FRP products are cheaper, faster and easier to manufacture than cast aluminum or steel, and often have better tolerance and material strength. At the same time, FRP is also ideal for designs that require higher strength than that of non-reinforced plastics.

We sell a broad range of FRP products, including filament wound and molded tanks, thermoplastic tanks, lining products, ducting and fitting products, air pollution control equipment and custom made products. We also offer delivery, installation and repair and maintenance services, as well as on-site consultation services.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended June 30, 2024.

(Note: WF Holding Ltd. is offering 2.0 million shares at a price range of $4.00 to $6.00 to raise $10.0 million, according to its F-1/A filings. Dominari Securities and Revere Securities are the joint book-runners; they replaced Pacific Century Securities, the original sole book-runner for this deal. Background: WF Holding Ltd. filed its F-1 for its IPO on Sept. 23, 2024, without disclosing the terms. Estimated proceeds are $10.0 million. Background: WF Holding Ltd. submitted confidential IPO documents to the SEC on Jan. 24, 2024.)

Ruanyun Edai Technology Inc. RYET AC Sunshine Securities, $3.8M Shares, $4.00-5.00, $16.9 mil, 3/25/2025 Week of

We are not a Chinese operating company but a Cayman Islands holding company with no operations. (Incorporated in the Cayman Islands)

**Note: The ordinary shares offered in this (initial public) offering are shares of our offshore holding company, Ruanyun Edai Technology Inc., instead of shares of the VIE or its subsidiaries in China. (From the prospectus – See link to the prospectus in the chart below.)

We are a data driven artificial intelligence, or A.I., technology company focused on kindergarten through year twelve, or K-12 education in China. We bring technology to schools, and we are committed to reforming the traditional Chinese education and learning model by facilitating schools, teachers and students with new teaching, learning, and assessment methods in the A.I. era.

We believe the road to college should come with directions. Our mission is to help each K-12 student understand their specialty and find their way to higher education and future success. We believe we have one of the most comprehensive online learning ecosystems covering all K-12 subject fields and grade levels, one of the largest academic exercise question banks that is designed and built for interactive learning, and one of the most advanced A.I. algorithms that power such questions, all of which are accessible online and on demand.

As of Nov. 30, 2022, our online academic exercise question bank has accumulated more than 10 billion test data generated by approximately 14.26 million students from more than 27,000 schools and we have issued over 298 million evaluation reports. With the continuous collection and analyzing of students’ online learning data, our A.I. algorithms are constantly expanding and upgrading, reaching an evaluation accuracy rate of 97% (based on our own calculations), allowing us to provide students with tailored and effective learning strategies. We believe that, in time, our online learning platform will be proven revolutionary in affecting the advancement of China’s K-12 education system.

As of Nov. 30, 2022, approximately 14.26 million students use Jiangxi Ruanyun to collect their daily homework exercise data, prepare for a test or attend the Academic Proficiency Assessment, which is an official assessment across all subjects taught in schools, conducted by the Education Testing Authority in China. This allows us to understand each student better and enables us to help them reach the next level of educational success with an effective strategy, every step of the way.

We value our proprietary technologies and strong research and development capabilities, which we believe differentiate us from other companies in our industry. As of the date of this prospectus, we have an intellectual property portfolio consisting of 11 patents (9 of which have been registered and 2 are pending) and 23 trademarks filed with the PRC State Intellectual Property Administration, 50 copyrights registered with the PRC State Copyright Bureau, and 8 domain names.

Over the last decade, our A.I. learning platform has expanded from learning to assessment in school to A.I application, services and hardware. We believe we are a trend-setter in reforming the traditional education model in China using the technological progress brought about by the advent of A.I. technology. We believe we are the only educational A.I. company in China that serves both everyday learning and Academic Proficiency Test in school. We provide computerized testing for China’s Academic Proficiency Test, or ATP, which is equivalent to the SAT in China. Our everyday learning to official assessment model allows us to expand into a range of personalized “online” services and “offline” products for students in high demand.

We currently sell our products and services through two primary product lines, namely our SmartExam® solution and SmartHomework® solution. Our SmartHomework® solution delivers personalized learning solutions for students to study more effectively. Teachers can adjust instructions for students based on their specific needs. In addition, our SmartExam® solution helps deliver China’s Academic Proficiency Test, which is required in China for obtaining a high-school diploma, in computer-based format. We also provide self-learning solutions and smart-devices, such as smart printer / smart headset for everyday study and test preparation.

*Note – Re corporate structure: We conduct substantially all of our operations in the People’s Republic of China, or the PRC or China, through Jiangxi Ruanyun, the variable interest entity (VIE) and its subsidiaries. We do not have any equity ownership of the VIE. Instead, we have the power to direct the activities and receive the economic benefits and absorb losses of the VIE’s business operations through certain Contractual Arrangements (as defined in the prospectus) and the VIE is consolidated for accounting purposes. This structure involves unique risks to investors. This VIE structure is used to provide contractual exposure through the Contractual Arrangement to foreign investment in Chinese-based companies where Chinese law prohibits direct foreign investment in the operating companies.

*Note: Under the Contractual Arrangements, cash is transferred among the Company, Rollingthunder Technology (Jiangxi) Co., Ltd, or our WFOE, Soft Cloud and the VIE. (See the prospectus – link in the chart below – for details on cash transfers, financial statements and other disclosures pertinent to the IPO).

**Note: Net loss and revenue figures are in U.S. dollars for the fiscal year that ended March 31, 2024.

(Note: Ruanyun Edai Technology Inc. filed a new F-1 on Aug. 30, 2024, and disclosed terms for its IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million. The new filing declared that AC Sunshine Securities is the new sole book-runner; under the previous plans, Univest Securities and AC Sunshine Securities were slated to be joint book-runners.)

(Note: The SEC declared that Ruanyun Edai Technology’s IPO filing was abandoned in February 2024 because the company had not updated the filing in a long time. Background: Ruanyun Edai Technology Inc. filed its F-1 on Dec. 29, 2022. The Cayman Islands-incorporated holding company submitted confidential IPO paperwork to the SEC on Aug. 31, 2021.)

Epsium Enterprise Ltd. EPSM D. Boral Capital (ex-EF Hutton), $1.3M Shares, $4.00-5.00, $5.6 mil, 3/26/2025 Wednesday

(Incorporated in the British Virgin Islands)

We are a holding company incorporated under the laws of British Virgin Islands. As a holding company with no material operation of its own, we conduct substantially all our operations through an indirect Macau subsidiary, Companhia de Comercio Luz Limitada in Macau, or Luz. Luz is an 80%-owned subsidiary of Epsium Enterprise Limited in Hong Kong, or Epsium HK. Mr. Son I Tam, our CEO, CFO, Chairman, principal shareholder, and the founder of Epsium and Luz directly holds (i) 89.996% ownership interest in Epsium, (ii) 19% interest in Epsium HK, and (iii) 20% ownership interest in Luz.

Luz is an import trading and wholesaler of primarily alcoholic beverages in Macau. Through Luz, we import and sell a broad range of premium beverages, primarily alcoholic beverages and, in 2022, a small quantity of tea and fruit juice. The alcoholic beverages we sell include Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol. Chinese liquor sales are by far our most significant operations. We are a top wholesaler of high-end Chinese liquor in Macau. We operate only in Macau.

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: Epsium Enterprise Ltd. updated its F-1/A filing on March 10, 2025, to disclose that D. Boral Capital (ex-EF Hutton) is the sole book-runner. Benjamin Securities is no longer involved as an underwriter, according to the updated F-1/A filing. Epsium Enterprise’s IPO terms remain the same: 1.25 million shares at a price range of $4.00 to $5.00 to raise $5.63 million.)

(Note: Epsium Enterprise Ltd. increased its IPO’s size to 1.25 million shares – up from 1.0 million shares – and cut the price range to $4.00 to $5.00 – down from $5.00 to $7.00 – to raise $5.63 million, according to an F-1/A filing dated Feb. 3, 2025.)

(Note: Epsium Enterprise Ltd. made a change in its joint book-running team, according to an F-1/A filing dated Jan. 8, 2025: D. Boral Capital (formerly known as EF Hutton) was named as a joint book-runner, replacing Prime Number Capital, to work with Benjamin Securities. Background: This is a micro-cap IPO – just 1.0 million shares at a price range of $5.00 to $7.00 to raise $6.0 million.)

WF International WXM The Benchmark Company/ Axiom Capital Management, $1.4M Shares, $4.00-4.00, $5.6 mil, 3/27/2025 Thursday

(Incorporated in the Cayman Islands)

WF International is a holding company. As a holding company with no material operations of its own, WF conducts substantially all of its operations through our PRC subsidiaries, primarily Shanyou HVAC, which started its business in Chengdu, China in 2009.

We are principally engaged in the provision of supply, installation, fitting-out and/or maintenance services for HVAC systems, floor heating systems, and water purification systems. We have provided the supply, installation and fitting-out services for HVAC systems for large-scaled commercial projects, such as the International Finance Square HVAC projects across China, Chengdu Vanke Charm City, Chengdu Raffles Plaza, Chengdu Yinshi Plaza, Chengdu Metro No. Ten Line, and Panzhihua Jinhai Hotel.

Since 2017, we have diversified our range of services or products to encompass heating and water purification solutions. Our offerings now include sales, installation, fitting-out, and/or maintenance services of HVAC systems, floor heating systems and water purification systems in the high-end fully furnished residential projects.

Our current primary focus is on collaborating with property development companies that offer high-end fully furnished homes and pursuing contracts in industrial projects. We provide these clients with comprehensive electromechanical solutions for HVAC systems, floor heating systems and water purification systems. This approach has positioned us as an integrated supplier of both electromechanical products and installation services.

We are driven by an experienced management team. Led by our CEO, Ke Chen, our business operation has formed a strong customer base in Chengdu and has expanded to neighboring cities including Meishan City and Mianyang City in Sichuan province, China. With the expansion of our customer base, the demand for our services has grown in recent years. We generate revenues primarily through contracting services consisting of sales of products and provision of services. During the fiscal year ended September 30, 2024 and 2023, our revenues were approximately $15.5 million and $15.3 million, respectively. We generated net income of approximately $1.0 million and $1.5 million for the fiscal year ended September 30, 2024 and 2023, respectively.

We derive our income from three main sources: construction projects (including equipment sales and installation services), sale of products, and installation, maintenance and repair services. Our primary products for sale are central air conditioners to commercial clients.

Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the fiscal year that ended on Sept. 30, 2024.

OMS Energy Technologies, Inc. OMSE Roth Capital Partners, $5.6M Shares, $8.00-10.00, $50.0 mil, 3/28/2025 Friday

(Incorporated in the Cayman Islands)

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry. These products are primarily used for both onshore and offshore oil exploration and production, or E&P activities in the Asia Pacific and the Middle Eastern and North Africa (MENA) Regions.

Our customers often operate in geographic locations where the operating environment requires wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion. Our products have been designed, manufactured and certified with the American Petroleum Standards (API) and International Organization of Standardization (ISO). Through our comprehensive and technologically advanced portfolio of SWS and OCTG, we are able to serve as a single-source supplier for our customers and respond to their demand for products. Our operations benefit from our broad, strategically positioned geographic footprint, which supports our ability to supply our (i) Specialty Connectors and Pipes and (ii) Surface wellhead and Christmas tree allowing us to serve our customers operating in the Asia Pacific and MENA Regions.

We have finishing facilities in close proximity to some of our top end-users’ E&P operations, for example, we have facilities in Saudi Arabia where our largest client, Saudi ARAMCO Oil is located, which allows us to provide our customers with customized technical solutions and to synchronize our production and logistics with evolving demands.

We primarily conduct our business through our subsidiaries (i) OMS (Singapore), (ii) OMS (Saudi Arabia), (iii) OMS (Indonesia), (iv) OMS (Thailand), (v) OMS (Malaysia Holding), (vi) OMS (Malaysia OpCo) and (vii) OMS (Brunei), operating in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei, respectively. Furthermore, through our localization efforts in collaboration with the various governments, we operate manufacturing facilities and warehouses across these six jurisdictions that we operate in. For further information, please refer to the section entitled “Business — Real Property” in the prospectus.

Note: Net income and revenue are for the year that ended March 31, 2024.

(Note: OMS Energy Technologies, Inc. is offering 5.56 million ordinary shares (5,555,556 ordinary shares) at a price range of $8.00 to $10.00 to raise $50.0 million, according to its S-1/A filings.)

Great Restaurant Development Holdings Limited (The) HPOT Dominari Securities/Revere Securities, $1.4M Shares, $4.00-6.00, $7.0 mil, 3/31/2025 Week of

(Incorporated in the Cayman Islands)

We operate a multi-award-winning Chinese restaurant chain. We specialize in various types of Specialty Chicken Hotpot under the brand name “The Great Restaurant (一品雞煲火鍋)” in Hong Kong. As of the date of this prospectus, we operate seven restaurants in our chain, out of which three are located in the New Territories, three in the Kowloon Peninsula and one on Hong Kong Island. We have over 12 years of experience in the restaurant services industry in Hong Kong and utilize one food factory to support our operations.

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: The Great Restaurant Development Holdings Limited cut its IPO’s size to 1.4 million shares – down from 2.0 million shares in the original SEC filing – and kept the price range at $4.00 to $6.00 – to raise $7.0 million, according to its F-1/A filing dated March 3, 2025. Background: Dominari Securities is the “lead left” book-runner, joining the original sole book-runner, Revere Securities, on the cover of the prospectus.)

MasterBeef Group MB Dominari Securities/Revere Securities, $2.0M Shares, $4.00-5.00, $9.0 mil, 3/31/2025 Week of

MasterBeef Group is the holding company that runs 12 Taiwanese hotpot and barbecue restaurants in Hong Kong. (Incorporated in the Cayman Islands)

Our mission is to serve quality and value-for-money Taiwanese cuisine to our customers.

We are a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. As of the date of this prospectus, through our Hong Kong Operating Subsidiaries, we operate 12 restaurant outlets under our Master Beef and Anping Grill brands. Our Group’s revenue is primarily generated from the Hong Kong Operating Subsidiaries’ operation of our Master Beef and Anping Grill restaurant outlets in Hong Kong. According to the Frost & Sullivan Report, in 2023, our Master Beef brand ranked first among the specialty hotpot restaurant chain brands and Taiwanese hotpot restaurant chain brands in Hong Kong in terms of revenue, and our Group comprising our Master Beef and Anping Grill brands ranked first in the overall Taiwanese cuisine market in Hong Kong with a market share of approximately 9.7% in terms of revenue.

Our Group’s history began in 2019 when our founders, namely Ms. Oi Wai Chau, Ms. Oi Yee Chau, Ms. Tsz Kiu So, Mr. Ka Chun Lam and Mr. Shing Yan Lee, identified the untapped potential of the mid-range Taiwanese hot pot market in the highly competitive dining scene of Hong Kong. They decided to capitalize on this opportunity by establishing a semi-self-service hotpot brand called “Master Beef Taiwanese Hotpot All You Can Eat” which focused on providing high-quality hotpot experiences with reasonable prices. The brand’s first restaurant was unveiled at King Wah Centre in Mong Kok in Kowloon, Hong Kong and quickly gained popularity which we believe was due to us providing authentic Taiwanese hotpot experience and excellent value for the money.

We subsequently expanded during the COVID-19 pandemic period and established multiple brands, namely Anping Grill, Chubby Bento, Chubby Noodles and Bao Pot, diversifying its operations into Taiwanese grill, Taiwanese bento, Taiwanese noodles and Taiwanese stone pot. To streamline the corporate structure and recalibrate business strategies and resources, on May 14, 2024, the Group disposed of its operations in Chubby Bento, Chubby Noodles and Bao Pot to Galaxy Shine Company Limited and Thrivors Holdings Limited, our principal shareholders. Immediately prior to the disposal, we were operating three Chubby Bento outlets, two Chubby Noodles outlets and one Bao Pot outlet in Hong Kong. For the pro forma impact on our historical financial data, see “Unaudited Pro Forma Condensed Consolidated Financial Information”.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2024.

(Note: Dominari Securities is the new lead joint book-runner, according to an F-1/A filing dated Jan. 22, 2025, and it will work with Revere Securities, initially named as the sole book-runner in MasterBeef’s previous SEC filings.)

(Note: MasterBeef Group disclosed the terms for its IPO in an F-1/A filing dated Nov. 27, 2024: The company is offering 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million, if the IPO is priced at the $4.50 mid-point of its range. Background: MasterBeef Group filed its F-1 on Nov. 12, 2024, without disclosing the terms, and indicated that it intends to raise up to about $8 million.)

Phoenix Asia Holdings Ltd. PHOE D. Boral Capital (ex-EF Hutton), $1.6M Shares, $4.00-6.00, $8.0 mil, 3/31/2025 Week of

(Incorporated in the Cayman Islands)

We operate as a holding company. We operate our business primarily through our indirectly wholly-owned Operating Subsidiary, Winfield Engineering (Hong Kong) Limited. We mainly engage in substructure works, such as site formation, ground investigation and foundation works, in Hong Kong. To a lesser extent, we also provide other construction services such as structural steelworks. We mostly undertake substructure work in the role of subcontractor for the six months ended September 30, 2024, and the fiscal years ended March 31, 2024, and March 31, 2023.

Winfield Engineering (Hong Kong) Limited was founded in 1990. Over our 30 years of operating history, we have focused on substructure works, serving as a subcontractor and building up significant expertise and a strong track record. Substructure refers to the foundation support system constructed beneath ground level. We take great pride in our capability to effectively address substructure works challenges during the completion of our works. In 2023, we were awarded with a public project for a major trunk road, which involves marine grouting works and the project is expected to be completed in late-2025. This project further demonstrates our versatility and commitment to delivering high-quality substructure solutions.

Through our Operating Subsidiary, we are mainly engaged in public sector and private sector projects in Hong Kong. In 2023, we were awarded with an infrastructure project for the redevelopment of a riding school with an initial contract sum of over HKD24.4 million (USD3.1 million), which is expected to be completed in mid-2025.

As of the date of this prospectus, Winfield Engineering (Hong Kong) Limited is (i) a Registered Specialist Contractor under the sub-registers of foundation works, site formation works and ground investigation field works categories maintained by the Buildings Department of Hong Kong; and (ii) a Registered Subcontractor under foundation and piling (sheet piles, bored piles, driven piles, diaphragm walls, micro piles and hand-dug caisson) and general civil works (earthwork and ground investigation) of the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong.

We, through our Operating Subsidiary, have achieved significant growth in our business. For the fiscal years ended March 31, 2024 and 2023, our total revenue derived from substructure and other construction services was approximately USD5.8 million and USD2.2 million, respectively. The number of customers with revenue contribution to us was 18 for the fiscal year ended March 31, 2023 and 11 for the fiscal year ended March 31, 2024.

According to the Census and Statistic Department, between 2014 and 2023, the construction industry in Hong Kong maintained growth with a compounded annual growth rate of 1.53%. Driven by (i) sustained supply of residential units and urban renewal program; (ii) the Government’s funding support in innovative constructive methods and new technologies; (iii) the Government’s continuous effort in enhancing rail connectivity, which requires extensive substructure works; and (iii) rapid advancement in technology to optimize productivity and reduce costs such as the building information management and industrialized building system, it is expected that the Hong Kong civil engineering industry will continue to grow.

Note: Net income and revenue are for the fiscal year that ended March 31, 2024.

Bgin Blockchain Ltd. BGIN Chardan/ The Benchmark Company, $6.3M Shares, $7.00-9.00, $50.0 mil, 4/1/2025 Tuesday

We make cryptocurrency mining equipment. Our focus is on alternative currencies. (Incorporated in the Cayman Islands)

Through our operating subsidiaries, we are a digital asset technology company based in Singapore, Hong Kong, and the U.S. with proprietary cryptocurrency-mining technologies and a strategic focus on alternative cryptocurrencies.

For the fiscal year ended December 31, 2022, we generated substantially all of our revenue from cryptocurrency mining. Since April 2023, we have generated revenue from selling mining machines designed by us, and sales of mining machines contributed approximately 85.43% and 65.71% of our total revenue for the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, respectively.

Our subsidiaries design and sell mining machines equipped with our proprietary 8nm or 12nm ASIC chips under different series dedicated to the mining of KAS coins, ALPH coins, RXD coins, and ALEO coins. These machines are available for purchase only through our website, iceriver.io. Customers may view and place orders for machines they intend to purchase directly through the website, and have the option to enroll in our miner hosting services, through which we operate and manage mining machines on customers’ behalf in return for service fees. Customers purchasing machines sold by our subsidiaries are primarily based in Hong Kong, the U.S. and Southeast Asia. For the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, we sold an aggregate of 67,998 and 47,252 mining machines, respectively, to customers across the world. As of the date of this prospectus, we host a total of 4,020 machines on behalf of our customers, of which 2,969 are in operation at our mining farm located in York, Nebraska, and a hosting facility in Coon Rapids, Iowa, and 1,051 are stored in our warehouse in Beatrice, Nebraska.

As our subsidiaries produce cryptocurrencies through their mining operations, they exchange cryptocurrencies mined for fiat currency on a regular basis to generate cash flow to fund our subsidiaries’ business operations. We attribute our substantial growth since our inception to our competitive advantages in our subsidiaries’ research and development capacities, our experienced and visionary management team, and our strategic focus on alternative cryptocurrency mining. According to the Frost & Sullivan Report, alternative cryptocurrencies refer to cryptocurrencies other than Bitcoin and Ethereum. Alternative cryptocurrencies are generally considered to have more growth potential with higher risks compared to large-capitalization cryptocurrencies. To mitigate such risks and maximize profit potential, our subsidiaries adopt a flexible approach to mining operations by using their proprietary cloud-based mining machine management software to monitor mining results on a daily basis and, on an as-needed basis, adjust the ratio of cryptocurrencies to be mined.

We believe that the strong design of our mining machines and the research and development capabilities of our subsidiaries represent key competitive strengths that afford us the ability to conduct cryptocurrency mining with greater computing power and power efficiency. Our subsidiaries fully rely on their self-designed mining machines for their daily cryptocurrency mining operations. To date, through our subsidiaries, we have designed 26 and put into use 14 different models of cryptocurrency mining machines, each specifically adapted and dedicated to alternative cryptocurrency mining.

As of the date of this prospectus, our subsidiaries own a total of 48,277 mining machines for operation purposes, of which 34,390 are in operation, 11,475 are not operated and are stored in mining farms and hosting facilities in the U.S. or our warehouses in Hong Kong and Beatrice, Nebraska, and 2,412 are currently being detained by U.S. Customs and Border Protection (“U.S. Customs”) and are now the subject of re-export proceedings. See also “Business — Legal Proceedings.” Through our subsidiaries, we currently manage and operate some of our mining machines in the U.S. at mining farms owned by our subsidiaries in Omaha, Nebraska, and York, Nebraska. The remaining mining machines are hosted by third-party hosting service providers at four different locations in the States of Iowa, Texas, West Virginia and Ohio. As of the date of this prospectus, other than 425 mining machines located in our warehouse in Hong Kong, all the mining machines owned by our subsidiaries are located in the U.S. See “— Growth Strategies — Improving and Integrating Our Business Model to Encompass a Value Chain.”

We strive to continuously develop and implement technological improvement into our subsidiaries’ mining process. The technological cornerstone of our subsidiaries’ cryptocurrency mining operations is their proprietary cloud-based mining machine management software, which is used at all of the mining farms in which our subsidiaries maintain and operate mining machines, and allows them to make timely and informed decisions as to the use and management of their mining machines.

Since September 2023, we have been operating a mining pool, currently dedicated to mining five cryptocurrencies, through which we generate income by receiving crypto coins as rewards and deducting a percentage of such rewards as pool fees from payouts to pool participants. See “— Mining Pool.”

For the fiscal years ended December 31, 2022, and December 31, 2023, and the six months ended June 30, 2024, the company’s business operations were heavily dependent upon KAS coins. See “Risk Factors — Risks Related to Our Business and Industry — Our business operations are heavily dependent upon the stability and popularity of KAS coins” and “Industry — Total Market Capitalization of Cryptocurrencies — KAS.”

(Note: Bgin Blockchain Ltd. filed its FWP (free writing prospectus) on March 20, 2025, for its IPO: 6.3 million shares at a price range of $7.00 to $9.00 to raise $50.0 million.)

Energys Group Ltd. ENGS Joseph Stone Capital LLC, $2.3M Shares, $4.50-6.50, $12.4 mil, 4/2/2025 Week of

We are an energy service company based in the United Kingdom with over 23 years of experience in deploying energy-saving technologies and services. We principally provide end-to-end customized solutions and services that involve retrofitting existing infrastructures to help public and private organizations reduce their CO₂ emissions and save money. (Incorporated in the Cayman Islands)

Our headquarters is located in the United Kingdom. We also have offices located in Hong Kong from which EGL(HK) conducts research and development and GAI and NVL engage in the procurement of lighting and other products, which are then sold to ECSL, our United Kingdom Operating Subsidiary. ECSL provides innovative LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT systems, as well as ongoing system maintenance and program management primarily within the United Kingdom. AGL, CLL, LPL and PML hold real estate located in Hong Kong for investment purposes. Goji, which is 43% owned by EGHL, is engaged in the distribution of air purification solutions. ESL and HIC are currently dormant.

Our Group’s history began in 1998 when ECSL was established as an energy consulting firm. In 2000, GAI, one of our key Operating Subsidiaries, was incorporated in Hong Kong as a technology company resulting from the procurement by its then affiliate of the patent on an invention called Save It Easy®. Save It Easy® is a simple, do-it-yourself conversion unit which enables the use of high-efficiency T5 and T8 fluorescent tubes in conventional fluorescent lighting fixtures. Mr. Michael Lau, an executive director and Chief Technology Officer of the Company, was one of the founding members of GAI and worked closely with the inventors of Save It Easy® in the commercialization of the product and in its patent registrations. In 2008, ECSL became an exclusive distributor of Save It Easy® in the United Kingdom, shifting from a consulting services provider to a product and solution provider.

Due to the evolution of lighting technology from fluorescent tubes to LED lamps, in 2015, the Group started designing its own LED lighting products and building its own brand of high-quality, competitively priced LED products that could be customized to suit specific on-site requirements. With management’s combined experience, know-how and track record, we believe that the Company has differentiated itself from competitors by offering a comprehensive total solution that manages the entire project.

The Group helps its customers achieve their sustainability, energy savings and carbon footprint reduction goals through innovative technology and exceptional service. Its target market is “retrofitting,” which refers to the upgrade or replacement of existing equipment in existing infrastructure. Its principal customers are large national accounts, including various United Kingdom governmental departments, universities, schools, hospitals, military and telecommunications companies. The majority of our business (revenue) is derived from the sale of bundled products and services to direct end-users. However, the Group also provides product-only or service-only support to direct end-users, contractors and wholesalers.

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

(Note: Energys Group Ltd. increased its IPO’s size to 2.25 million shares – up from 2.0 million shares initially – and raised the price range to $4.50 to $6.50 – to produce $12.38 million in proceeds, based on mid-point pricing at $5.50. The company also disclosed updated financial statements for the period ending Dec. 31, 2023.)

(Background: Energys Group Ltd. disclosed its terms and its proposed stock symbol in an F-1/A filing dated Feb. 26, 2024: 2.0 million shares at a price range of $4.00 to $6.00 to raise $10.0 million. The proposed stock symbol is “ENGS” on NASDAQ. Background: Energys Group Ltd. filed its F-1 on Dec. 8, 2023, without disclosing terms for its IPO. Energys also had not yet chosen its proposed stock symbol. The British company filed confidential IPO documents with the SEC on April 25, 2023.)

Jyong Biotech Ltd. (Revived IPO) MENS Joseph Stone Capital LLC, $2.7M Shares, $7.50-8.50, $21.7 mil, 4/2/2025 Week of

*Note: The stock in this IPO is being issued by the holding company. (Incorporated in the Cayman Islands)

We are a science-driven biotechnology company based in Taiwan and are committed to developing and commercializing innovative and differentiated new drugs (plant-derived) mainly specializing in the treatment of urinary system diseases, with an initial focus on the markets of the U.S., the EU and Asia (primarily Taiwan and mainland China).

Since our inception in 2002, we have been dedicated to the research and development of new drugs with high safety and efficacy. Through 20 years of efforts, we have built integrated capabilities that encompass all key functionalities of drug development, including early-stage drug discovery and development, clinical trials, regulatory affairs, manufacturing and commercialization. Leveraging our strong research and development capabilities and proprietary platform, we have been developing a series of drug candidates, including one core drug candidate at NDA stage, one clinical-stage key drug candidate and other preclinical-stage drug candidates. Among our drug candidates, we have filed the new drug application, or NDA, for MCS-2 in the U.S. One of our clinical-stage key drug candidates, PCP, is in the Phase II trials stage in Taiwan. Another preclinical-stage key drug candidate, IC, is under preclinical studies.

Our pipeline features three innovative and differentiated new drug candidates, and we are developing them for (i) the treatment of benign prostate hyperplasia/lower urinary tract symptoms, or BPH/LUTS, (ii) prostate cancer prevention, and (iii) the treatment of interstitial cystitis, respectively.

MCS-2: MCS-2 is our new drug candidate developed for unmet medical needs of BPH/LUTS treatment. MCS-2 is expected to be our core product in the future. MCS-2 is a softgel containing patented active pharmaceutical ingredients of carotenoid chylomicrons. MCS-2 contains carotenoids, and we have further developed MCS-2 formulation using chylomicrons, a type of lipoprotein particles in human body, for the improvement of bioavailability. MCS-2 has a powerful antioxidant capacity and can reduce inflammatory cytokines. It takes effect by reducing oxidative stress and inflammation and has a dose-response effect. We have completed the four Phase III clinical trials for MCS-2 in the U.S. and Taiwan, including two pivotal trials and two open-label extension study trials. The pooled study results of our phase III clinical trials on MCS-2 show that the primary endpoint (namely, the change in the total scores derived from the International Prostate Symptom Score system, or I-PSS, which is a validated, reproducible scoring system that measures severity of lower urinary tract symptoms and responses to therapeutics) has reached statistical significance and exhibited safety profile. We submitted a new drug application of MCS-2 using Active Pharmaceutical Ingredient-1, or API-1, to the U.S. FDA in December 2021 and received a filing confirmation letter from U.S. FDA on February 22, 2022. However, after reviewing our application materials, the U.S. FDA has suggested us to identify an additional resource for API-1, in case of a short supply of API-1. After a due research and development, we have identified Active Pharmaceutical Ingredient-2, or API-2, an ingredient that has the same composition of API-1, the patent of which is owned by us. We have submitted the comparative data of API-1 and API-2 for U.S. FDA’s review. Once the U.S. FDA requires us to conduct any specific additional study after finishing the review, we may submit the relevant study data to the U.S. FDA by the end of 2024. BPH/LUTS is the most common urinary tract disease in the middle-aged male population. According to Frost & Sullivan, the global prevalence of BPH increased from 88.4 million in 2017 to 94.2 million in 2020, representing an increase of 6.5%. The global BPH drugs market increased from US$3.7 billion in 2017 to US$4.1 billion in 2020, representing a CAGR of 4.6%. We are establishing a strong sales and marketing team that is expected to consist of employees with rich experience in relevant areas and our target markets, and plan to work with both domestic and international business partners to seize the great market opportunities and to help more patients reduce their distress caused by BPH/LUTS and drug side effects caused by chemical drugs.

PCP: PCP is our key new drug candidate developed for the prevention of prostate cancer. Similar to MCS-2, PCP works through its mechanism of antioxidant and anti-inflammatory. PCP contains several types of patented active pharmaceutical ingredients of carotenoid chylomicrons that reduce oxidative stress and inflammatory cytokines (IL-6), both of which are main causes of many chronic inflammatory diseases. PCP and MCS-2 are essentially the same in terms of composition of active ingredients, dosage form, strength and route of administration; however, they are different drug candidates targeting different indications. We are conducting phase II clinical trials of PCP in Taiwan. Prostate cancer begins when cells in the prostate gland start to grow out of control. In general, the more quickly prostate cells grow and divide, the more chances there are for mutations to occur. According to Frost & Sullivan, the global prevalence of prostate cancer increased from 10.0 million in 2017 to 11.2 million in 2020, representing a CAGR of 3.9%. The global prostate cancer market increased from US$9.7 billion in 2017 to US$12.6 billion in 2019, representing a CAGR of 9.1%. In addition, the prostate-specific antigen abnormal population, or PSA abnormal population, representing men over 40 years old with a prostate-specific antigen test value of 4.0 ng/ml or higher, is exposed to a high risk of prostate cancer. From 2015 to 2020, the total number of PSA abnormal populations in the U.S., Taiwan and China increased from 5.0 million to 5.3 million.

IC: IC is our additional key new drug candidate which is composed of polysorbate loaded micelles as nanocarriers which can be used in the intravenous injection and intravesical instillation. The micelles enhance the bioavailability by prolonging the duration of stay in the bladder and increase the penetration of drug across the bladder wall. IC/BPS, refers to a bladder pain disorder that is often associated with voiding symptomatology and other systemic chronic pain disorders.

**Note: Net loss and revenue figures are in U.S. dollars for the 12 months that ended June 30, 2024.

(Note: Jyong Biotech Ltd. increased its IPO’s size to 2.67 million shares – up from 2.33 million shares – and kept the price range at $7.50 to $8.50 – to raise $21.36 million, according to an F-1/A filing dated March 11, 2025. Background: Jyong Biotech Ltd. is offering 2.33 million shares (2,328,921 shares) at a price range of $7.50 to $8.50 to raise $18.64 million, according to its F-1/A filing on Feb. 6, 2025. The company has also changed its proposed stock symbol to “MENS” for its revived IPO – a switch from its previous symbol of “JYB” for its original IPO plans. Jyong Biotech Ltd. filed a new F-1 in 2024 without disclosing terms; estimated IPO proceeds are about $30.0 million. This is a NASDAQ listing – a change from the NYSE – American listing, which was the original venue. Joseph Stone Capital LLC is the new sole book-runner.)

(Note: Jyong Biotech Ltd. withdrew its plans for an IPO in an SEC letter dated Dec. 20, 2023. The F-1 (prospectus) was filed on Aug. 17, 2023. In subsequent filings, the estimated proceeds were about $40 million. Spartan Capital was the sole book-runner for this original IPO, which was withdrawn in December 2023.)

(Note: Jyong Biotech Ltd. filed its F-1 on Aug. 17, 2023, without disclosing terms for its IPO. The Taiwan-based company filed confidential IPO documents with the SEC on March 16, 2023.)

Megan Holdings Ltd. MGN D. Boral Capital (ex-EF Hutton), $2.5M Shares, $4.00-6.00, $12.5 mil, 4/7/2025 Week of

We are a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. (Incorporated in the Cayman Islands)

Our operations are based in Malaysia. Since our inception in 2020, we have strived to establish ourselves as a trusted and experienced provider of shrimp farm-related maintenance services in Malaysia. As of the date of this prospectus, we have been carrying out a series of upgrading and maintenance work projects for aquaculture farms, all of which are located in Tawau, Sabah, Malaysia. This constitutes 71.8%, 43.7% and 15.5% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. Besides that, we also carried out upgrading work for a pineapple plantation farm located at Kota Tinggi, Johor, Malaysia in 2022 and 2023. This constituted nil, 25.3% and 22.6% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively.

Complementary to our upgrading and maintenance services, we also assist customers with the design and development of new farms. As of the date of this prospectus, we are currently involved in the development and construction of a shrimp hatchery center in Semporna, Sabah, Malaysia, where we have been engaged to undertake the construction of hatchery buildings and related functional facilities. We are also assisting in the development of a 111-acre shrimp farm at Tawau, Sabah, Malaysia. The design and development of new farms comprised 22.2%, 16.4% and 61.7% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. From time to time, we also assist our customers in sourcing for building materials and machinery available for rental for use on their farms. This comprised 6.0%, 14.6% and 0.2% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively.

With our wide suite of services and diverse revenue streams, we are well-positioned to serve customers as a one-stop center for their aquaculture and agriculture needs.

Note: Net income and revenue are in U.S. dollars (converted from the Malaysian ringgit) for the 12 months that ended Dec. 31, 2023.

(Note: Megan Holdings Ltd. adjusted its small IPO’s price range back to the original level of $4.00 to $6.00 – and kept the size at 2.5 million shares – to raise $12.5 million, according to an F-1/A filing dated March 11, 2025.)

(Background: Megan Holdings Ltd. doubled its small IPO’s size – to 2.5 million shares – up from 1.25 million shares originally – and trimmed the price range to $4.00 to $5.00 – pulling back from the original $4.00-to-$6.00 price range – to raise $11.25 million, according to an F-1/A filing dated Feb. 20, 2025. Previously: Megan Holdings Ltd. filed its F-1 on Aug. 8, 2024, and disclosed the terms for its micro-cap IPO: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Megan Holdings did not name an underwriter in its F-1 filing.)

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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:

• 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

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🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 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

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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 (March 24, 2025) was also published on our website under the Newsletter category.

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