Emerging Market Links + The Week Ahead (November 18, 2024)

AI's coming collapse, Einhorn says markets are broken (& getting worse), LA copper stronghold, Thailand's casino GGR could pass Singapore's, EM stock picks and the week ahead for emerging markets.

Nov 18, 2024

Like with the 3D printing bubble, there are signs we might be nearing the end of the road for the AI bubble [From: Another warning that the AI bubble is near bursting… & Model Collapse: AI Chatbots Are Eating Their Own Tails]:

The problem is fundamental to how they operate. Without new human input, their output starts to decay. Meanwhile, organizations that laid off writers and editors to save money are finding that they can’t just program creativity or common sense into machines.

AI is not the only thing getting crushed as Greenlight’s David Einhorn says the markets are broken and getting worse:

“It’s continuing to get worse,” the hedge fund manager told Picker. “We are in a secular destruction of the professional asset management community.”
As he has done several times before, Einhorn pointed a finger at passive, index investors: “The passive people, they don’t care what the value is.”

The good news: Value can still be found in emerging and frontier markets e.g. a number of emerging or frontier country ETFs have recently been liquidated while passive investing by foreign investors still has probably not touched or impacted many smaller or midsized EM or FM stocks not included in major global indices.

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🌐 Korean Stock Picks (October 2024) Partially $
- “Trump Trade” hits Korea & MSCI update + Posco International Corp, Hwaseung Enterprise, Hanwha Systems, Daewoo Engineering & Construction Co Ltd, Dear U Co Ltd, Samsung C&T Corp, Jusung Engineering, Samsung SDI, LG H&H, Korea Aerospace Industries, Samsung Electro-Mechanics, Shinhan Financial Group, Vitzrocell Co Ltd, SK Inc, Korea Zinc, Hyundai Rotem, Kia Corp, Shift Up Corp, Hyundai Mobis, HD Hyundai Electric, SK Telecom, Hyundai Motor, LigaChem Biosciences, Samsung E&A, SK Hynix, LS Electric, LG Innotek, Samsung Biologics, Hansae Co Ltd, Woori Financial, Doosan Bobcat / Doosan Enerbility / Doosan Robotics, Classys, Hyundai Engineering & Construction, SM Entertainment, CS Wind Corp, GC Biopharma Corp, KT Corp, LG Uplus, Hanssem Co Ltd, Jin Air, LG Electronics, KB Financial Group, JYP Entertainment Corp, S-Oil Corp, Hugel, T'Way Air, Shinsegae Inc, Hyundai Department Store, Hotel Shilla, GS Retail, BGF Retail, DL E&C Co Ltd, GS Engineering & Construction Corp, F&F Co, LG Energy Solution, Chong Kun Dang Holdings & Samsung SDS
🌐 EM Fund Stock Picks & Country Commentaries (November 17 2024) Partially $
- US elections & EM impacts, Trump may help Vietnam industrial park stocks, India's tax hiccups for funds + valuations have declined, “picks & shovels” AI companies, Africa frontier markets, etc.

📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Archived article

🇨🇳 Alibaba (BABA US): 2Q25, Weak Quarter, But Waiting for Two Events to Benefit Top Line (Smartkarma) $

Total revenue grew slightly as we expected in our preview note.
The operating margin improved significantly, but this was due to the shrinks of non-cash items.
However, we believe Alibaba (NYSE: BABA) will benefit from the boycott against JD.com (NASDAQ: JD) and the disposal of Sun Art.

🇨🇳 Comments on Alibaba’s Third Quarter Earnings (The Great Wall Street - Investing in China)

Steady Progress Amid Challenges: Evaluating Alibaba (NYSE: BABA)’s Path Forward
This article continues the ongoing discussion I’ve had about Alibaba. My focus is straightforward: instead of analyzing every single detail, I highlight what stood out to me this time, cutting through the noise and focusing on key observations.
For context, I’ve written extensively about Alibaba in the past. For example, I’ve covered the strategy shift from Daniel Zhang’s tenure to the leadership under Eddie Wu and Joe Tsai. In my piece on last quarter’s results, I highlighted the early progress they made. I won’t repeat those points here in full details—you can revisit those articles in case you are interested. Instead, let’s examine what’s new and noteworthy this quarter.

🇨🇳 PDD Holdings: Strong Buy With An Outsized CAGR Likely Until 2026 (Seeking Alpha) $ 🗃️

🌐 PDD Holdings (NASDAQ: PDD) or Pinduoduo - Pinduoduo & Temu eCommerce marketplaces. 🇼 🏷️

🇨🇳 Comments on Tencent’s Third Quarter Earnings (The Great Wall Street - Investing in China)

Stable performance despite a challenging macro environment and an exciting new development
In this article, I provide a personal summary of Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY)’s Q3 2024 earnings, highlighting key points that stood out to me rather than covering every detail.
What consistently impresses me is Tencent’s management quality and strategic focus. Their approach is clear and highly disciplined, and whatever they predicted a few quarters ago ultimately materializes. This can be seen in these points:

🇨🇳 Tencent Music (TME): 3Q24, Began to Grow with Record Gross Margin (Smartkarma) $

Tencent Music Entertainment Group (NYSE: TME)

The quarterly gross margin hit historical high again in 3Q24.
As expected, the growth rate exceeded 5% YoY for the first time in three years, as the weak business became insignificant in total revenue.
The P/E band suggests an upside of 124% and a price target of US$26 for the end of 2025. Buy.

🇨🇳 Miniso: IP-Centered Retail To Drive Sustained Growth (Seeking Alpha) $ 🗃️

🌐 MINISO Group Holding (NYSE: MNSO) - Lifestyle products retailer who copied Japanese retail chains or brands Uniqlo, Muji & Daiso. 🇼 🏷️

🇨🇳 Sunshine tries out asset leasing as insurance demand cools (Bamboo Works)

The insurer has agreed to invest in a financial leasing company owned by Legend Holdings (HKG: 3396 / FRA: 1PC / OTCMKTS: LGNRF) in an attempt to diversify its businesses
Sunshine Insurance Group Co Ltd (HKG: 6963 / FRA: E57) will acquire 39.9% of JC International Finance & Leasing, a provider of asset leasing services for small businesses
While the deal may appear to help Sunshine diversify, actual benefits may be marginal due to JC International’s small profit

🇨🇳 How Crane’s Process Flow Technologies Are Quietly Powering Revenue Growth! (Smartkarma) $

[Material handling equipment for non-ferrous metallurgy and port terminals industries] Zhuzhou Tianqiao Crane Co Ltd (SHE: 002523) recently presented its third-quarter 2024 financial results, showcasing several key highlights and challenges.
The company's performance this quarter was marked by a solid increase in both core sales and earnings per share, despite encountering multiple operational disruptions.
Firstly, Crane demonstrated robust financial performance by exceeding expectations, with adjusted earnings per share (EPS) rising to $1.38.

🇨🇳 Xingda (1899 HK): A Surprising Result as Offer Declared Unconditional (Smartkarma) $

On its first closing date on 15 November, [manufacture and trading of radial tire cords, bead wires and other wires] Xingda International Holdings Ltd (HKG: 1899 / FRA: XDH / OTCMKTS: XNGIF) declared the Chairman’s offer unconditional as the offeror and concert parties represented 60.76% of outstanding shares.
The result was surprising. The IFA opined that the offer was not fair or reasonable, and the independent Board recommended that the shareholder not accept it.
The CCASS movements suggest that the offer was declared unconditional mainly because friends and family supported the Chairman’s offer. The gross/annualised spread is 1.6%/92.6%.

🇨🇳 Anxian Yuan (922 HK) (Asian Century Stocks)

Today, we have the great pleasure of hearing Portuguese investor Diogo Perneta discuss Chinese cemetery operator Anxian Yuan China Holdings (HKG: 0922 / OTCMKTS: ANXYF) —US$45 million).
We’ve been communicating for some time and agreed that Anxian Yuan was worth investigating. It owns a unique cemetery in Hangzhou, China, and trades at a low P/E of just 6.1x, with a 13.3% dividend yield.
Anxian Yuan was formed in 2010 through a reverse merger between electronics company China Boon Holdings and the Anxian Yuan cemetery. Well-connected former government official Shi Hua used the ListCo to take over the asset, and he has since expanded operations to parts of the country.

🇭🇰 Café de Coral slumps as dark clouds hover over restaurant industry (Bamboo Works)

Hong Kong’s leading fast-food operator and rival Fairwood Holdings Ltd (HKG: 0052 / OTCMKTS: FRWDF) have both issued profit warnings this month as growing consumer caution takes a bite from their business
Cafe De Coral (HKG: 0341 / OTCMKTS: CFCGF) said it expects to report its profit fell 30% year-on-year in the six months to September, the first half of its fiscal year
Hong Kong’s leading fast-food chain could face more turbulence as competition looks set to intensify in the local restaurant market

🇭🇰 CK Asset: Watch Share Buybacks And Financial Outlook (Seeking Alpha) $ 🗃️

🌐 CK Asset Holdings (HKG: 1113 / FRA: 1CK / OTCMKTS: CHKGF) 🇰🇾 - Property development & investment, hotel & serviced suite ops, property & project management, pub operation & investment in infrastructure & utility asset operation. 🇼

🇭🇰 China Overseas Land: Property Sales And Operating Margin Are Key Considerations (Seeking Alpha) $ 🗃️

🌐🏛️ China Overseas Land & Investment (HKG: 0688 / OTCMKTS: CAOVF) 🇭🇰 - Hong Kong-based real estate conglomerate. Property development (condominium & office) & commercial property management operation. Indirect subsidiary of China State Construction Engineering Corporation Limited (CSCEC). 🇼 🏷️

🇲🇴 Wynn Macau’s results miss the mark as gaming boom cools (Bamboo Works)

Lower income from resort hotels and retail outlets has crimped the casino operator’s quarterly earnings, disappointing investors
Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF) revenues rose 6.3% to $870 million in the third quarter from the year-earlier period but fell 1.5% sequentially
Per capita spending by visitors to Macau dropped 17% in the first three quarters from the same period last year

🇲🇴 Any Fertitta bid for Wynn complicated by Macau: CBRE (GGRAsia)

The possibility of a takeover of casino group Wynn Resorts Ltd (NASDAQ: WYNN) by U.S. billionaire Tilman Fertitta would be a “complicated and expensive endeavour given its sizeable enterprise value and international gaming licences” in Macau and the United Arab Emirates (UAE), says CBRE Equity Research.
Analysts John DeCree and Max Marsh noted in a Friday memo that news on Thursday that Mr Fertitta had upped his stake in Wynn Resorts to 9.9 percent – from a 6.1 percent “passive” stake disclosed in October 2022 – meant he was now the second-largest shareholder behind Elaine Wynn.
The brokerage added: “This is a bargain, especially compared with the approximately 10x multiple he would likely need to pay for a single standalone regional casino today, or the US$3 billion-plus likely needed to develop his proposed casino resort on the Las Vegas Strip.”

🇲🇴 SJM posts profit of US$13mln in 3Q, EBITDA up 83pct y-o-y (GGRAsia)

Macau casino operator SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) reported a profit attributable to its owners of HKD101 million (US$13.0 million) for the three months to September 30, compared with a loss of HKD410 million in the prior-year period.
Moody’s Investors Service Inc said in a September report that it expected the ramp-up of Grand Lisboa Palace to “help SJM gain market share by building a significant presence in Cotai”.

🇲🇴 SJM only Macau op with 3Q share, GGR gains: DB (GGRAsia)

Only SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) and Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF) among Macau’s six casino operators showed sequential gains in market share in terms of casino gross gaming revenue (GGR) in the third quarter. But only SJM Holdings reported a sequential increase in its actual GGR for the period, according to Deutsche Bank Securities Inc.
Deutsche Bank analyst Carlo Santarelli gave an overview of the three months to September 30, now that all the market participants have reported their quarterly data.

🇲🇴 Grand Lisboa to tap ex-junket space as villas: Daisy Ho (GGRAsia)

Macau casino operator SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) is to convert former junket areas at Grand Lisboa (pictured), its downtown casino hotel flagship, into luxury hotel space, says Daisy Ho Chiu Fung, the company’s chairman.
“At Grand Lisboa, the group is set to expand its room capacity by over 10 percent through the conversion of former junket areas into exclusive villas, mansions, and suites, further enhancing guest experiences,” stated Ms Ho in a press release accompanying Tuesday’s unaudited third-quarter results highlights.

🇲🇴 Galaxy Ent can opt new finance model post founder: analyst (GGRAsia)

Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) might want to examine tapping debt capital markets in the post-founder era, as overall it could boost shareholder returns. That is according to analyst Vitaly Umansky, of Seaport Research Partners, in a Monday note after the casino company gave the news that day of the death on November 7 of the firm’s founding chairman Lui Che Woo. [Lui Che Woo, one of the last founder-owners of Macau casinos]
Mr Umansky stated: “One area we hope to see develop over time would be capital structure, as Galaxy remains one of the few debt-free casino companies with ample debt capacity.”

🇰🇷 Naver: Improved Outlook And Attractive Valuations (Rating Upgrade) (Seeking Alpha) $ 🗃️

🌐 NAVER (KRX: 035420 / OTCMKTS: NHNCF) - Global ICT company. Korea’s #1 search portal "NAVER" + LINE messenger, SNOW camera app, digital comics platform + R&D (AI, robotics, mobility & other future technology). 🇼 🏷️

🇰🇷 Isupetasys Announces a Rights Offering of 32% of Outstanding Shares and Acquisition of Jeio (Douglas Research Insights) $

[Printed circuit boards] Isu Petasys Co Ltd (KRX: 007660) announced a large-scale rights offering worth 550 billion won. The company plans to issue 20.1 million new shares (32% of outstanding shares).
About 55% of the capital raise proceeds will be used to acquire a 30.1% stake in [secondary battery materials, plant engineering, and equipment manufacturing and distribution] JEIO Co Ltd (KOSDAQ: 418550). Remaining 45% will be used to invest in Isupetays' core business.
Valuations on Isupetasys are not compelling. Isupetasys is also buying Jeio which has high P/E multiples, which could further result in capital outflow on Isupetasys among some value conscious investors.

🇰🇷 Trump Trade: Korean Construction Vs Military Stocks Amid Potential End of War in Ukraine? (Douglas Research Insights) $

Although it is UNCERTAIN when the wars in Ukraine and the Middle East will end, if these wars indeed come to an end, this could POSITIVELY IMPACT Korean construction sector.
The end of the wars in Ukraine and the Middle East is likely to NEGATIVELY IMPACT the Korean military/defense sector.
The major Korean construction companies have low valuation multiples. On the other hand, the major Korean military/defense companies have high valuation multiples.

🇰🇷 Negative Trump Trade: Korean Rechargeable Battery Sector (Douglas Research Insights) $

With Trump becoming the next President of the United States, we explain why the rechargeable battery sector in Korea is likely to get further battered in the coming months.
Trump administration could eliminate or significantly slash the $7,500 consumer tax credit for electric vehicle (EV) purchases, which is one of the key provisions of the Inflation Reduction Act (IRA).
We expect the sell-side to further cut their earnings estimates on the key key names in the Korean rechargeable battery sector in the coming months.

🇰🇷 Trump Catalyst - Korean Shipbuilding Sector (Douglas Research Insights) $

In the Korean stock market, one of the biggest positive catalysts of Donald Trump becoming the next United States President has been the shipbuilding sector.
About 20 years, the United States had a dominant naval superiority versus China. That is no longer the case.
There is a likely scenario of the US Navy increasingly outsourcing the construction and after-service of its fleet to Korean companies such as Hanwha Ocean (KRX: 042660) and HD Hyundai Heavy Industries (KRX: 329180).

🇰🇷 Philly Shipyard's Transformation: How Hanwha's Investment Is Driving U.S. Navy Readiness (Heritage.org)

Earlier this year, Hanwha Ocean (KRX: 042660) bought Philly Shipyard for $100 million.
The Philly Shipyard is well positioned to compete for contracts to construct Constellation-class frigates.
As our Navy works to meet the challenges of tomorrow, Hanwha’s new investment means Philadelphia will be playing a leading role in the fight.

🇰🇷 MBK Purchases Additional 1.36% Stake in Korea Zinc (Douglas Research Insights) $

After the market close on 11 November, it was reported that MBK Partners/Young Poong Precision Corporation (KOSDAQ: 036560) alliance purchased additional 1.36% stake (282,366 shares) in Korea Zinc (KRX: 010130) from the market.
The gap in the voting rights shares between MBK/Young Poong alliance and Korea Zinc/Choi family alliance has widened from about 3% three weeks ago to about 5% today.
We would further caution investors that if more investors perceive MBK/Young Poong as the clear winner, there could be a further downside risk on Korea Zinc's share price.

🇰🇷 Di Dong Il Corp: Share Cancellation of 15% of Outstanding Shares (Douglas Research Insights) $

On 14 November, [textile and clothing] DI Dong Il Corp (KRX: 001530) announced that it plans to cancel 3.78 million treasury shares (representing 15% of outstanding shares) on 29 November.
The company currently has 5.84 million outstanding shares. Thus, the share cancellation of 3.78 million shares represent 65% of its treasury shares.
The company is facing an investigation due to suspicions that it conducted a loan transaction with its largest shareholder, the Jung-Hun Foundation, without board approval.

🇰🇷 Amorepacific Group: Significant Increase in Dividend Payout (Douglas Research Insights) $

On 12 November, Amorepacific Group (KRX: 002790) announced that it will increase dividend payout to about 50% to 75% of its non-consolidated net profit.
If we take the mid-point (63%) of the new dividend payout policy, this would be 51% higher than the average dividends/non-consolidated net profit ratio (41.8%) from 2021 to 2023.
Amorepacific Group is targeting average annual sales growth rate of 10% from 2024 to 2027, operating margin of 12% from 2027, and average ROE of 5-6% from 2024 to 2027.

🇰🇷 Samsung Electronics: A Massive 10 Trillion Won Share Buyback Program (Douglas Research Insights) $

Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) announced a massive share buyback program worth 10 trillion won which represents 3.1% of its market cap.
Of this total amount, about 3 trillion won will be purchased and cancelled in the next three months. This will include 50,144,628 common shares and 6,912,036 preferred shares.
We believe that this massive share buyback and cancellation is likely to boost Samsung Electronics' share price resulting in a strong outperformance relative to KOSPI in the next 6-12 months.

🇰🇷 SBI Fintech Solutions: Tender Offer and Delisting (Douglas Research Insights) $

After the market close on 14 November, SBI FinTech Solutions Co Ltd (KOSDAQ: 950110) announced that the Japanese financial group SBI is pushing for a tender offer and delisting of SBI Fintech Solutions.
The tender offer price is 5,000 won per share, which is 36% higher than the closing price on 14 November. The tender offer size amount is about 26 billion won.
Given the relatively solid upside, we believe SBI Holdings is likely to successfully complete this tender offer and take the company private.

🇰🇷 MNC Solution IPO Valuation Analysis (Douglas Research Insights) $

Our valuation analysis suggests an implied price per share of 120,295 won for [hydraulic parts for construction machinery] MNC Solution, which is 29% above the high end of the IPO price range.
Our base case valuation is based on EV/EBITDA of 24.1x which is 30% higher than the average EV/EBITDA multiple of the comps in 2023.
We believe a premium valuation to the comps' valuation multiple is appropriate due to higher sales growth, operating margins, and ROE.

🇰🇷 Grand Korea Leisure 3Q net income halved y-o-y to US$4mln (GGRAsia)

Third-quarter net income at Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, declined by 49.5 percent year-on-year to approximately KRW6.04 billion (US$4.3 million). The firm gave the information in its unaudited quarterly financial results filed with the Korea Exchange on Monday.
Measured sequentially, Grand Korea Leisure’s net income for the quarter ending in September was down 46.6 percent on the second quarter’s nearly KRW11.33 billion.

🇰🇷 Gravity: An Undervalued Gem With Significant Concentration Risk (Seeking Alpha) $ 🗃️

🌐 Gravity Co Ltd (NASDAQ: GRVY) - Online & mobile games. Games based on the Ragnarok IP. 🇼 🏷️

🇵🇭 Globe Telecom: Bullish On Strong Earnings Growth And Higher Fintech Contribution (Seeking Alpha) $ 🗃️

🌐🅿️ Globe Telecom (PSE: GLO / GLOPP / OTCMKTS: GTMEY / GTMEF) - Telecommunications services + human capital management, BPO, IT, software dev’t, consultancy, data center services, etc. Subs. of Ayala Corp (PSE: AC) + Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF). 🇼

🇵🇭 Jollibee Foods: Sector-Beating Growth Fuelled by Value-For-Money Appeal. (Smartkarma) $

Jollibee Foods (PSE: JFC / OTCMKTS: JBFCF / JBFCY) delivered strong sales and profit growth in 3Q, driven by robust Same Store Sales Growth (SSSG) in its home market and key overseas regions, excluding China.
Jollibee's value-for-money appeal has likely driven its impressive Same Store Sales Growth (SSSG), outpacing industry peers struggling with rising customer price sensitivity and fall in SSSG.
However, in China, Jollibee's delay in adapting to a quickly shifting market landscape has led to EBITDA losses, a sharp reversal from the profitability seen in Q2.

🇸🇬 Shopee & Grab both had a solid quarter – can they grow further? (Momentum Works)

Shopee parent Sea Limited (NYSE: SE) and Grab Holdings Limited (NASDAQ: GRAB), Southeast Asia’ two largest listed tech platforms, both reported expectation-beating earnings yesterday (12 Nov 2024, Asia time).
The capital market responded positively, sending both stock prices up by >10%. Year to date, Sea Group share price has risen by 180%, while Grab’s by 48%.
As usual, refer to analyst reports for detailed analyses of the financials, here are some of our thoughts:

🇸🇬 Grab built its own map in Southeast Asia, and is now going after Google (Rest of World)

The super-app uses its own drivers and cameras to create hyperlocal maps in eight countries.
Grab Holdings Limited (NASDAQ: GRAB) began mapping locations because Google Maps and Here were inadequate for its drivers’ needs.
It has trained drivers to use its own cameras to map streets and alleys.
Hyperlocal maps are essential, but taking on the dominant players is tough.

🇸🇬 Grab: A Waking Giant (Seeking Alpha) $ 🗃️

🇸🇬 Grab Holdings: Grab This Bargain Before It Gets Too Expensive (Seeking Alpha) $ 🗃️

🇸🇬 Grab Holdings Earnings: Cautious Optimism Amid Strong Q3 Momentum (Seeking Alpha) $ 🗃️

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

🇸🇬 Sea Limited: This Is Why Shares Could Still Go Much Higher (Seeking Alpha) $ 🗃️

🇸🇬 Sea: E-Commerce Surges To Profitability, But Watch For Cracks In Gaming (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). 🇼 🏷️

🇸🇬 Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock (Smartkarma) $

Sea Limited (NYSE: SE)'s management expects all three business segments - ecommerce, financial services and entertainment - to deliver high growth and profitability in 2025, supported by strong macro-economic tailwind.
It's GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.

🇸🇬 DBS Group: Management's Dividend Growth Plan Remains Compelling (Seeking Alpha) $ 🗃️

🌏 DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) - Financial services group in Asia with a presence in 19 markets: Greater China, Southeast Asia & South Asia. 🇼 🏷️

🇸🇬 Dark Skies Ahead: Can Singapore Airlines See its Profit Recover? (The Smart Investor)

With more competition in the skies, can Singapore’s flagship carrier witness a profit recovery?
Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA, is seeing dark skies ahead.
Singapore’s national carrier’s share price hit its 52-week high of S$7.38 back in February this year but has since declined by 14.2%.
Year-to-date, shares of the airline are down around 3%.
A mixed set of earnings
Expanding its fleet and building its network
Air India-Vistara merger
Other initiatives
Get Smart: Macroeconomic uncertainty to continue

🇸🇬 DBS, OCBC and UOB Share Prices Are Hitting All-Time Highs: Which Bank Should You Pick? (The Smart Investor)

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) closed at S$42.40 last week while United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, and Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) ended at S$35.69 and S$16.06, respectively.
The ebullient mood came about after all three banks released their latest third quarter of 2024 (3Q 2024) earnings reports.
But with all three banks hitting new all-time highs, which is the best one to pick for your portfolio?
We compare the trio of blue-chip names using different metrics to try to determine this.

🇸🇬 BitFuFu makes big gains as cryptocurrency booms (Bamboo Works)

Revenue for the provider of digital mining services jumped 47.5% in the third quarter on strong gains for its core cloud-mining services, as well as its self-mining business
BitFuFu Inc (NASDAQ: FUFU / FUFUW)’s third-quarter revenue jumped 47.5% to $90.3 million, led by 51.4% growth for its cloud-mining services and 40% growth for its self-mining operation
The digital mining services provider is looking to lower costs by transitioning from its asset-light model to one that manages a diverse portfolio of bitcoin mining infrastructure

🇮🇳 Fairfax India: A Great Way To Invest In India? (Seeking Alpha) $ 🗃️

🇮🇳 Fairfax India Holdings Corp (TSE: FIH.U / FRA: F5X / OTCMKTS: FFXDF) - Investing in public & private equity securities & debt in India + Indian businesses. Subs. Fairfax Financial Holdings Limited (TSE: FFH / OTCMKTS: FRFHF). 🇼

🇮🇳 OLA Electric: Wimpy Quarter. But, Bigger Question—How Long Will the Disruptor Play Last? (Smartkarma) $

Ola Electric Mobility Ltd (NSE: OLAELEC / BOM: 544225)’s management, during Investor call, seemed confident in driving volume growth through expanded distribution, new model launches, and focused on technology upgrades and vertical integration for cost advantages.
The company, however, remains intent on continuing its disruptor play strategy of aggressive discounts and competitive pricing to drive volume growth—uncommon in India’s auto sector.
Investors seeking profitability and capital returns will need patience (and faith in Ola's strategy), while competitors like Bajaj Auto Ltd (NSE: BAJAJ-AUTO / BOM: 532977) and TVS Motor Company Ltd (NSE: TVSMOTOR / BOM: 532343) may feel the pressure.

🇮🇳 The Beat Ideas: Arvind Smartspaces- Growing Real Estate Co with Asset Light Model (Smartkarma) $

With an asset-light model and a solid alliance with HDFC [HDFC Bank (NYSE: HDB)], [real estate arm of Kasturbhai Lalbhai Group] Arvind Smartspaces Ltd (NSE: ARVSMART / BOM: 539301) greatly increases its project pipeline to 75.47Mn square feet, propelling a 30–35% increase in business development.
Together with its strong market positions in Bangalore and Ahmedabad, the company's strategic asset-light approach guarantees effective capital use, rapid project turnover, and improved cash flow visibility.
Arvind Smartspaces is well-positioned for long-term, high-margin growth supported by strong cash flows, minimal leverage, and distinct geographic and product diversification.

🇮🇳 Swiggy: Expect Soft Debut in a Weak Market. Will It Regain Lost Mojo with IPO Boost? (Smartkarma) $

Swiggy Ltd (NSE: SWIGGY / BOM: 544285) debuts today amid bearish market sentiment, pressured by FII selling and disappointing corporate earnings.
The IPO received lukewarm interest from retail investors, who had minimal allocation - this could limit listing day selling pressure.
Swiggy's valuation discount to Zomato Limited (NSE: ZOMATO / BSE: ZOMATO) is noteworthy; improved metrics, financials could drive gains, but escalating competition and regulatory risks loom large in the near term.

🇮🇳 Zomato Vs Swiggy: The Great Indian Delivery War (Smartkarma) $

Swiggy Ltd (NSE: SWIGGY / BOM: 544285) debuts with an 8% premium, raising Rs. 11,328 crore in IPO for Dark store expansion, brand promotion, tech & inorganic growth.
Swiggy lags behind Zomato Limited (NSE: ZOMATO / BSE: ZOMATO) across metrics, while Zomato diversifies with high-growth ticketing and "Going Out" segments.
With both segments is on the edge of becoming Contribution and EBITDA positive, one need to look the results of upcoming quarters of swiggy carefully.

🇮🇳 The Beat Ideas: Prakash Industries Limited, A Mining Catalyst (Smartkarma) $

Prakash Industries Limited (NSE: PRAKASH / BOM: 506022) Bhaskarpara Coal Mine is now received all the government approvals ensuring stable, self-supplied coal for steel production as well as open market sale.
This development reduces raw material costs, boosts EBITDA potential, and strengthens PIL's valuation amid past corporate governance concerns.
PIL has manageable debt and with rising EBITDA, the company is available at a very attractive valuation compared to its peers.

🇯🇴 Invest In Global Growth With International General Insurance (Seeking Alpha) $ 🗃️

🌐 International General Insurance Holdings Ltd (NASDAQ: IGIC) 🇧🇲 - Specialty insurance & reinsurance solutions.

🇦🇪 Yalla holds out 2025 as its ‘Year of the Game’ as growth picks up (Bamboo Works)

The Middle Eastern social media company held two major live events in the third quarter, as it prepares to start testing its new self-developed mid-core games by year-end
Yalla Group (NYSE: YALA) is nearing the testing phase for two of its self-developed mid-core games, with wide-scale launches possible sometime next year
The company’s revenue grew 4.4% in the third quarter, but analysts expect that pace to pick up next year as it ramps up initiatives aimed at mid- and hardcore gamers

🇿🇦 Harmony Gold: Solid Bullish Conviction In The Market. Possible "Dip" Opportunity (Seeking Alpha) $ 🗃️

🇿🇦 🇦🇺 🇵🇬 Harmony Gold Mining Company Limited (NYSE: HMY) - Global gold mining & exploration + significant copper footprint. 🇼

🇿🇦 Sibanye-Stillwater grapples with challenges in South African gold mining operations (IOL)

Sibanye Stillwater Ltd (NYSE: SBSW) CEO Neal Froneman has disclosed that the company is still navigating through a period of instability, despite having secured a wage agreement with labour unions.
The agreement included a 5.5% wage increase along with a one-off payment of R900 for various employee groups, set to take effect for one year. The company plans to revisit wage discussions in July 2025 when the one-year wage agreement expires.
While current conditions in the gold market have seen prices rise, South African gold producers, including Sibanye-Stillwater, are facing mounting operational costs that necessitate a strategy of cost rationalisation.

🇿🇦 Gold Fields boosts production by 12% while reducing costs in the latest quarter (IOL)

Gold Fields (NYSE: GFI) lowered costs all-in sustaining costs by 3% and boosted production by 12% to 510 000 ounces in the quarter to the end of September compared to the previous quarter ending in June.
This comes after South Deep mine ramped up output by 23% on a quarter-on-quarter basis.
Mike Fraser, CEO of Gold Fields said yesterday that the company had recorded material improvement in its operating performance across the portfolio during the quarter under review.

🇿🇦 Telkom’s share price rises after predicting strong interim earnings growth (IOL)

Telkom SA SOC (JSE: TKG / FRA: TZL1)’s share price rang up 6.8% in value yesterday afternoon after it said adjusted headline earnings per share (HEPS) were expected to increase between 50% and 60% for the six months to September 30.
It said in a trading statement that adjusted HEPS was expected to be between 292.5 cents and 312 cents, up from 195 cents per share at the same time last year.

🇿🇦 Woolworths reports strong sales growth as consumer sentiment improves (IOL)

Woolworths Holdings (JSE: WHL) has announced a promising uptick in sales and turnover for the 18 weeks leading up to November 3, recording growth of 6.5% and 6.8% respectively compared to the same period last year.
This positive trend was observed across Woolworths’ segments, including food, fashion, beauty, and home, demonstrating a measure of resilience amidst the ongoing economic challenges facing consumers.
For the grocer’s South Africa market, there was however constrained discretionary spending by consumers although “consumer sentiment is improving, supported by moderating inflation, the start of easing interest rates, and the prolonged suspension” of load shedding.

🇰🇾 Fabrinet - Fabrinet: An Insight Into Its Automotive & Industrial Innovation & Other Major Drivers (Smartkarma) $

[Optical component maker] Fabrinet (NYSE: FN)'s first-quarter results for fiscal year 2025 reveal both promising growth and challenges.
With a revenue of $804 million, the company surpassed the upper end of its guidance range, representing a 17% year-over-year increase and a 7% sequential rise from the previous quarter.
This growth was driven by significant performances in its major operating segments, particularly in optical communications.

🌎 Ternium: Don't Judge A Book By Its Cover (Seeking Alpha) $ 🗃️

🌎 Ternium S.A. (NYSE: TX) - Luxembourg HQ’d. Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. 🏷️

🌎 DLocal Earnings Update: Improving Fundamentals For 2025 (Seeking Alpha) $ 🗃️

🌐 Dlocal (NASDAQ: DLO) - Cross-border payment platform for global merchants to get paid & make payments in emerging markets. 🇼

🌎 Patria Investments' Q3: Strong Fundraising And Attractive Valuation (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.

🌎 MercadoLibre: Post-Earnings Correction Shouldn't Scare You (Seeking Alpha) $ 🗃️

🌎 MercadoLibre Q3: 16% Drop In Stock Is An Opportunity (Seeking Alpha) $ 🗃️

🌎 MercadoLibre (NASDAQ: MELI) - Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️

🌎 MercadoLibre Inc.: How Are They Successfully Tackling Supply Chain and Fulfillment Challenges? - Major Drivers (Smartkarma) $

MercadoLibre (NASDAQ: MELI) reported robust financial results for the third quarter of 2024, showcasing strong performance across its e-commerce and fintech sectors in Latin America.
The company's gross merchandise volume (GMV) saw significant growth, with Brazil witnessing a 34% increase year-on-year and Mexico a 27% rise.
Moreover, the company made substantial gains in market share in these key countries.

🇦🇷 Bioceres Is Getting Cheaper, Not Yet An Opportunity But More Interesting (Seeking Alpha) $ 🗃️

🇦🇷 Bioceres Crop Solutions Corp (NASDAQ: BIOX) - Fully-integrated provider of crop productivity technologies. 🏷️

🇦🇷 Grupo Financiero Galicia Stock: Still Bullish In The Early Stages Of Argentina Macro Recovery (Seeking Alpha) $ 🗃️

🇦🇷 Grupo Financiero Galicia Sa (NASDAQ: GGAL) - A group of financial services companies in Argentina. 🇼 🏷️

🇦🇷 YPF Sociedad Anónima: De-Risked And Executing Growth Plan (Seeking Alpha) $ 🗃️

🇦🇷 YPF S.A: Vaca Muerta, The Only Long-Term Policy In Argentina (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. 🇼 🏷️

🇦🇷 Banco Macro: Improved Economic Conditions Support Further Upside (Seeking Alpha) $ 🗃️

🇦🇷 Banco Macro Sa (NYSE: BMA) - A universal bank providing a wide range of financial services with focus in low & mid-income individuals & SMEs. 🇼 🏷️

🇧🇷 Vibra Energia: A Top Player In Brazil's Fuel And Energy Market, But Caution Advised On Its ADR For Now (Seeking Alpha) $ 🗃️

🇧🇷 Vibra Energia SA (BVMF: VBBR3 / FRA: V5F0 / OTCMKTS: PETRY) - Manufactures, processes, distributes, trades, transports, imports & exports oil-based products, lubricants & other fuels. 🇼

🌎 LATAM Airlines: Flying Out Of Bankruptcy With Significant Upside (Seeking Alpha) $ 🗃️

🌎 LATAM Airlines Group (NYSE: LTM) - Chile based. Largest airline company in Latin America. Subsidiaries in Brazil, Colombia, Ecuador, Paraguay & Peru. 🇼

🇲🇽 Grupo Aeroportuario Del Centro Norte: Stock Is Still A Buy Despite Higher Concession Taxes (Seeking Alpha) $ 🗃️

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

🇲🇽 What a shuttered quarry says about Mexico’s investment climate (FT) $ 🗃️

Vulcan Materials Company (NYSE: VMC)

The forced closure of a US-owned site in Yucatán asks questions about new president Claudia Sheinbaum and the private sector

📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Archived article

🇨🇳 Hedge Fund CIO: "China's Xi Watches In Cold Sweat As Trump Is Announcing His New Team" (Zero Hedge)

[Eric Peters, CIO of One River Asset Management]

Xi had watched in a cold sweat as America’s president-elect announced his new team, China hawks, trade hawks, anti-establishment players, people committed to challenging orthodoxy in every area of government; appointments unlike anything seen in modern American history.
And the policy platform for the world’s largest economy appeared to be designed to fuel a domestic boom, which if achieved would put further distance between the US, China, Europe, in fact every serious nation. This increasingly evident contrast would spark further unrest amongst the citizens in these same nations whose leaders were failing them in so many ways.
“China’s goal of a stable, healthy and sustainable China-US relationship remains unchanged,” declared Xi, outwardly calm, statesmanlike, but inside praying that somehow, someway, this would be the time that America’s remarkable and chaotic propensity for producing prosperity, revolution within, reinvention, would finally fail.

🇨🇳 China’s AI App Startups Should Plan Overseas Expansion as ‘Quickly as Possible’ (Caixin) $

Going global may be the answer for many Chinese artificial intelligence (AI) app developers looking to get off the ground, as the potential to tap lucrative foreign customers is a sure way to attract investors, industry insiders said. However, gaining a foothold overseas can be a difficult and costly endeavor.
“Going global as early and quickly as possible” has become a priority for AI investors, said Chen Yu, a partner at Shanghai-based venture capital firm Yunqi Partners, explaining that overseas markets can be a major source of revenue as foreign users are “more willing to pay for AI apps” than their Chinese counterparts.

🇨🇳 Air freight groups and airlines rush to increase flights out of China (FT) $ 🗃️

Rate for flying goods from Asia to US has jumped as demand for cheap Chinese imports continue to rise

🇲🇾 Malaysian equities: brush off the dip as a blip (The Asset) 🗃️

Strong fundamentals to support stock market amid short-term correction
Malaysia’s equity market has taken a breather after a months-long winning streak. The long-dormant market rallied over the past eight months, only to decline more than 4% since the beginning of September. Nonetheless, the market remains on the recovery path amid strong infrastructure activity, foreign investor interest, and government support.

🇹🇭 A Thai law on casino resorts may get nod 2025: PM aide (GGRAsia)

Thailand’s government is working to get a law on casino resorts – currently at a draft stage – passed during 2025 by the two chambers of the country’s parliament, reported Bloomberg on Friday, citing an interview with Prommin Lertsuridej, Secretary-General to the country’s Prime Minister, Paetongtarn Shinawatra.
The draft law is likely to be approved by Thailand’s cabinet before the end of this year, prior to being considered by the parliament, the report suggested.
It cited the Thai official as stating: “The law should be passed in six months from now at the earliest, so it should be next year to start.”

🇹🇭 🇸🇬 Thailand GGR maybe US$9bln, passing Singapore: Citi (GGRAsia)

Thailand could move from a proposal for casino legalisation to industry implementation “as quickly and as efficiently” as the Singapore government did two decades ago, says Citigroup.
But a Thai industry could when “fully ramped” generate US$9.1 billion annually in gross gaming revenue (GGR), exceeding the performance of Singapore’s current duopoly, and “only behind Macau and Las Vegas”, stated analysts George Choi, Preenapa Detchsri, and Timothy Chau, in a report on the outlook for Thailand.
The institution was working from a presumption of two licences in the Thai capital, Bangkok, and one each in the vicinity of Pattaya, Phuket, and Chiang Mai, three places popular with foreign tourists.

🇿🇦 S&P revises South Africa's outlook to positive amid economic reform (IOL)

The National Treasury “notes and welcomes” S&P Global Ratings decision to revise South Africa’s ratings outlook from stable to positive on improved reform programme and economic growth potential.
However, the ratings agency, in a statement late on Friday night, maintained South Africa’s credit ratings status below investment grade, with the sovereign’s long-term foreign and local currency debt ratings at ‘BB-’ and ‘BB’, respectively.

🌎 Latin America: The World’s Copper Stronghold (CSIS)

However, the United States only mines 5 percent of the world’s copper.
Latin America, which cumulatively mines nearly half (46 percent) of the world’s raw copper—the largest share of any global region—holds significant potential as a sourcing partner. Chile and Peru have the two largest copper reserves globally.

🌐 Another warning that the AI bubble is near bursting… (Mind Matters)

We’ve heard it from Gary Smith and Jeffrey Funk. But now, once again, from AI analyst Gary Marcus: The AI bubble created, in part, by Large Language Models (LLMs) or chatbots is nearing its peak:
You may also wish to read: Model Collapse: AI Chatbots Are Eating Their Own Tails. The problem is fundamental to how they operate. Without new human input, their output starts to decay. Meanwhile, organizations that laid off writers and editors to save money are finding that they can’t just program creativity or common sense into machines.

🌐 Greenlight’s David Einhorn says the markets are broken and getting worse (CNBC)

Greenlight Capital’s David Einhorn was interviewed by our Leslie Picker at CNBC’s Delivering Alpha event Wednesday.
“It’s continuing to get worse,” the hedge fund manager told Picker. “We are in a secular destruction of the professional asset management community.”
As he has done several times before, Einhorn pointed a finger at passive, index investors: “The passive people, they don’t care what the value is.”

🌐 EM Assets Hit By Negative Macro Backdrop Amid Trump's Expected Tariff Flurry Sparking Strong Dollar (Zero Hedge)

On Thursday, Bloomberg's Sebastian Boyd published a list showing Trump's tariff risks and trade uncertainty represent a negative growth hit for the rest of the world...
Since last Tuesday, the dollar has reigned supreme, while emerging markets and global stock ex-US have slipped into negative territory.
EM asset underperformance will persist as long as the dollar remains strong.

📅 Earnings Calendar

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

📅 Economic Calendar

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

🗳️ Election Calendar

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

~~Sri Lanka~~ ~~Sri Lankan Parliament~~ ~~Nov 14, 2024 (t) Confirmed Aug 5, 2020~~
Romania Romanian Presidency Nov 24, 2024 (d) Confirmed Nov 24, 2019
Slovenia Referendum Nov 24, 2024 (d) Confirmed Jun 9, 2024
Uruguay Uruguayan Presidency Nov 24, 2024 (d) Confirmed Oct 27, 2024
Namibia Namibian Presidency Nov 27, 2024 (d) Confirmed Nov 27, 2019
Namibia Namibian National Assembly Nov 27, 2024 (d) Confirmed Nov 27, 2019
Romania Romanian Senate Dec 1, 2024 (t) Confirmed Dec 6, 2020
Romania Romanian Chamber of Deputies Dec 1, 2024 (t) Confirmed Dec 6, 2020
Ghana Ghanaian Presidency Dec 7, 2024 (t) Confirmed Dec 7, 2020
Ghana Ghanaian Parliament Dec 7, 2024 (t) Confirmed Dec 7, 2020
Croatia Croatian Presidency Dec 31, 2024 (t) Date not confirmed Jan 5, 2020
Thailand Referendum Feb 2, 2025 (t) Date not confirmed Aug 7, 2016

📅 Emerging Market IPO Calendar/Pipeline

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

Horizon Space Acquisition II Corp. HSPTU Maxim Group LLC, 6.0M Shares, $10.00-10.00, $60.0 mil, 11/15/2024 Priced

We are a newly organized blank check company. (Incorporated in the Cayman Islands)

Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region. Because of our significant ties to China, we may pursue opportunities in China (including Hong Kong and Macau).

Our Chairman and Chief Executive Officer is Mingyu (Michael) Li, who is located in China. Our Chief Financial Officer, Min (Lydia) Zhai, and one of our independent director nominees, Tianchen Cai, are located in Singapore.

Since March 2020, Mr. Li has served as the Chief Executive Officer of Hangzhou Qianhe Mingde Equity Investment Co., Ltd., namely Horizon Capital, a private equity firm focusing on renewable and AI-driven manufacturing.

(Note: Horizon Space Acquisition II Corp. priced its SPAC IPO in sync with the terms in its prospectus – 6.0 million units at $10.00 each – and raised $60.0 million on Thursday night, Nov. 14, 2024. Each unit consists of one ordinary share and one right to receive one-tenth (1/10) of one ordinary share.)

(Note: Horizon Space Acquisition II Corp. unveiled the terms for its SPAC IPO: 6.0 million units at $10.00 each to raise $60.0 million. Each unit consists of one ordinary share and one right to receive one-tenth (1/10) of one ordinary share. From the prospectus: “Each 10 rights entitle the holder thereof to receive one ordinary share upon the consummation of our business combination. We will not issue fractional shares upon the conversion of the rights. As a result, you must hold rights in multiples of ten in order to receive shares for all of your rights upon the consummation of a business combination.”)

Creative Global Technology Holdings Limited CGTL Benjamin Securities, 1.3M Shares, $4.00-5.00, $5.6 mil, 11/19/2024 Tuesday

MISSION

Consumer electronic devices have a limited life, but some rest idle with meaningful useful life left. We help make every minute of recycled consumer electronic devices’ lives count with our expertise in quickly connecting their demands and supplies, thereby facilitating the circular economy in the consumer electronic devices business and reducing waste.

CORPORATE HISTORY AND STRUCTURE

Creative Global Technology Holdings Limited is a Cayman exempted company formed on January 11, 2023. (Incorporated in the Cayman Islands)

In March 2023, CGT Holdings completed a reorganization of its corporate structure. CGT Holdings owns 100% equity interest in Creative Global Technology (BVI) Limited (“CGT BVI”), a BVI holding company formed on January 12, 2023. On March 9, 2023, CGT BVI became the 100% owner of CGTHK.

CGTHK, the operating entity conducting substantially all of our business operations, was founded under the laws of Hong Kong in 2016. Since its formation, CGTHK has been engaged in the business of sourcing pre-owned consumer electronic devices (mainly smartphones, tablets, and laptops) from suppliers in the U.S., Japan, and some other developed countries, pursuant to the orders placed by wholesalers that will sell these goods in Southeast Asia and other areas. Although CGTHK has been expanding into the retail and leasing of consumer electronic devices business since 2021, the traditional wholesale of pre-owned electronic devices business still accounted for over 90% of CGTHK’s revenue in 2022.

CGT Holdings is not an operating company but is a Cayman Islands holding company with operations conducted by its wholly owned subsidiary, CGTHK, and this structure involves unique risks to investors. Investors in CGT Holdings’ Ordinary Shares are not purchasing equity interests in CGT Holdings’ Hong Kong operating entity but instead are purchasing equity interests in a Cayman Islands holding company.

**Note: Net income and revenue figures are for the 12 months that ended March 31, 2024.

(Note: Creative Global Technology Holdings Limited disclosed that Benjamin Securities is the sole book-runner of its IPO, replacing Alexander Capital, according to an F-1/A filing dated Sept. 11, 2024. The IPO’s terms remained the same: 1.25 million shares at a price range of $4.00 to $5.00 to raise $5.63 million, according to this filing.)

(Note: Creative Global Technology Holdings Limited disclosed that it has reapplied to the NASDAQ to list its stock, in an F-1/A filing dated July 17, 2024, which listed Alexander Capital as the sole book-runner of its IPO. Background: Creative Global Technology Holdings Limited disclosed that it applied to the CBOE BzX Exchange to list its stock in the IPO – a change from NASDAQ – according to an F-1/A filing dated April 8, 2024.)

(Note: Creative Global Technology Holdings Limited reduced 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 ($5.625 million) in an F-1/A filing dated March 22, 2024.)

(Note: Creative Global Technology Holdings Limited cut its IPO in half in an F-1/A filing dated Oct. 20, 2023, by slashing the number of ordinary shares to 2.0 million shares – down from 4.0 million shares originally – and kept the price range at $4.00 to $5.00 to raise $$9.0 million. In that Oct. 20, 2023, filing, Creative Global Technology Holdings Limited also changed its sole book-runner to Prime Number Capital, replacing Revere Securities. Background: Creative Global Technology Holdings Limited filed its F-1 on July 19, 2023, and disclosed terms for its IPO: 4.0 million shares at $4.00 to $5.00 to raise $18.0 million.)

Fitness Champs Holdings Ltd. FCHL Bancroft Capital LLC, 2.0M Shares, $4.00-5.00, $9.0 mil, 11/20/2024 Week of

(Incorporated in the Cayman Islands)

We believe we are a leading sports education provider in Singapore based on the following: (i) in 2023, we were the largest service provider of the SwimSafer Program based on the number of assessment bookings, accounting for approximately 30% of market share; and (ii) we are one of the few swim education providers in Singapore that provides both services to students under training programs funded by the Singapore Government and provision of customized private swimming training services.

We offer general swimming lessons to children and adults, with ladies-only swimming lessons available, as well as aquatic sports classes such as water polo, competitive swimming and lifesaving. We believe in imparting the correct swim stroke techniques and skills to all of our students so that they can learn to swim within the shortest time span in a variety of strokes, ranging from freestyle, breaststroke, butterfly, survival backstroke and side kick. We are one of the largest providers of swimming lessons to children enrolled in public schools under the MOE (Ministry of Education) in Singapore through the SwimSafer program. We have been offering private swimming lessons to children, youth and adults under our brand “Fitness Champs” since 2012. We aim to make swimming an enjoyable and affordable sport for children and adults, for water safety and as a way of keeping fit and healthy.

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

(Note: Fitness Champs Holdings Limited filed its F-1 on Sept. 9, 2024, and disclosed the terms for its IPO – 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million.)

Brazil Potash Corp. GRO Cantor/ Bradesco BBI/ Freedom Capital Markets/Roth Capital Partners, 4.3M Shares, $15.00-18.00, $70.1 mil, 11/21/2024 Thursday

We are a pre-revenue mining company focused on potash, a major fertilizer. (Incorporated in Ontario, Canada)

We are a mineral exploration and development (E&D) company with a potash mining project, known as the Autazes Project, located in the state of Amazonas, a state in Brazil. We are a pre-revenue company that has not yet begun any mining operations. We are focused on getting the required permits and environmental licenses to start construction on the mining site. We plan to extract and process potash ore from an underground mine and sell the potash fertilizer within Brazil. We intend to cut the country’s heavy reliance on imported potash.

Our technical operations are based in Autazes, Amazonas, Brazil, and Belo Horizonte, Minas Gerais, Brazil. Our corporate office is in Toronto, Ontario, Canada.

Once our operations commence, our operating activities will be focused on the extraction and processing of potash ore from our underground mine and selling and distributing the processed potash in Brazil.

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

(Note: Brazil Potash Corp. disclosed the terms for its IPO in an F-1/A filing dated Oct. 23, 2024: The company is offering 4.25 million shares at a price range of $15.00 to $18.00 to raise $70.13 million. Background: Brazil Potash Corp. filed its F-1 for its IPO on Aug. 20, 2024, without disclosing terms for its IPO. Background: Brazil Potash Corp. submitted a confidential IPO filing to the SEC in late 2022.)

Leishen Energy Holding Co., Ltd. LSE Dominari Securities/ Revere Securities, 1.4M Shares, $4.00-5.00, $ 6.2 mil, 11/21/2024 Week of

We are a holding company that conducts substantially all of its business through its 12 operating subsidiaries in China: We provide oil and gas companies with equipment and technical services. Our 12 subsidiaries have branches, offices or customer service centers in the Sinjiang, Sichuan, Shandong and Jiangsu provinces of China, as well as in Hong Kong. (Incorporated in the Cayman Islands)

The Leishen Group, founded in 2007, is a provider of clean-energy equipment and integrated solutions for the oil and gas industry, with a commitment to providing customers with high-performance, safe and cost-effective energy solutions. Our businesses include (i) designing and supplying equipment for the clean-energy industry; (ii) oil and gas engineering technical services; (iii) new energy production and operation; and (iv) digitalization and integration equipment. At present, the Group holds more than 75 patents and software copyrights, forming a comprehensive ecosystem of core technical capabilities. Currently, our business operations have expanded to many countries and regions, such as Central Asia and Southeast Asia. Our service abilities and quality have been widely recognized and praised by foreign customers. Efficient, safe and energy-saving equipment combined with professional technical services have enabled our brand to gain positive attention and recognition from our customers and enabled us to become a well-known equipment and services provider in the oil and gas industry.

We provide oil and gas companies with compressor units, wellhead heating systems and oil-water separation systems, among various products. We also offer services such as equipment leasing, the design and customization of pressurization gas injection units, maintenance services and marketing of liquefied natural gas.

Most of our customers are Chinese companies. In 2024, we began recognizing revenue from companies in Kazakhstan and Indonesia.

Note: Net income and revenue are for the 12 months that ended March 31, 2024.

(Note: Leishen Energy Holding Co., Ltd. filed an F-1/A on Oct. 29, 2024, naming Dominari and Revere Securities as joint book-runners, replacing Pacific Century Securities as the sole book-runner.)

(Note: Leishen Energy Holding Co., Ltd. filed its F-1 on Oct. 1, 2024, and disclosed the terms for its micro-cap IPO: The company is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6 million, if priced at the $4.50 mid-point of its range.)

Pony AI Inc. PONY Goldman Sachs (Asia)/BofA Securities/Deutsche Bank Securities/Huatai Securities/Tiger Brokers, 15.0M Shares, $11.00-13.00, $180.0 mil, 11/21/2024 Thursday

We develop autonomous vehicle technology systems designed for robotaxis and robotrucks as well as other uses. We have partnerships with Toyota and other large OEMs (original equipment manufacturers). (Incorporated in the Cayman Islands)

We aim to mass commercialize our revolutionary autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and businesses around the world.

From the prospectus:

“Pony is a global leader in achieving large-scale commercialization of autonomous mobility.

“On the public roads of China’s metropolises, Pony has achieved what was once only depicted in science fiction — building a car that drives itself. Today, a commute in a driverless Pony robotaxi is not merely a display of groundbreaking technology, but becoming a part of the daily lives for many residents in these communities. As intuitive as a trip in a traditional taxi, hailing a ride with

“Pony’s robotaxi offers everyone a revolutionary mobility option to make our streets safer and greener, changing the way the world moves.

“After one summons a ride on the PonyPilot mobile app, a robotaxi shows up at the designated pick-up spot quickly — looking no different from a traditional taxi, except for the equipped sensors watching and coping with the streets. But the difference lies beneath the surface — no one is behind the driving wheel.

“Passengers, wide-eyed with wonder, unlock the door using the app and climb into the back seat. The robotaxi hits the road and navigates the crowded urban districts confidently and smoothly, expertly handling unexpected snags with ease and intelligently identifying all the obstacles in its path, including other cars, pedestrians, construction zones, and even in inclement weather conditions. As the steering wheel turns itself with seamless precision, the car brakes and accelerates without any human intervention, until it pulls over steadily at the destination.

“Stepping out of the car, the passengers pay the fare through the app and conclude this awe-inspiring ride. Meanwhile, the robotaxi drives itself away to pick up the next passenger, leaving one to ponder what other marvels the future holds.

“Starting from scratch and bringing our technology to people’s lives is by itself a testament to our commitment to autonomous mobility. Yet the progress we have made to date is what sets Pony apart from our peers:

• “We were among the first in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China (namely Beijing, Shanghai, Guangzhou and Shenzhen), and we are the only autonomous driving technology company that has obtained all available regulatory permits essential for providing public-facing robotaxi services within these Tier-1 cities, according to Frost & Sullivan.

• “We currently operate a fleet of over 250 robotaxis, which has accumulated over 33.5 million kilometers of autonomous driving mileage, including over 3.9 million kilometers of driverless mileage.

• “We have formed a joint venture with Toyota and GTMC to advance the mass production and large-scale deployment of fully driverless robotaxis in China. In addition, we have partnered with other leading OEMs, such as SAIC, GAC and FAW, to co-develop and mass produce robotaxi vehicles.

• “Empowered by our strong partnerships with leading TNCs, such as OnTime Mobility, Amap and Alipay, we were among the first to offer fully driverless fare-charging, public-facing robotaxi services with substantial safety benefits and compelling passenger experience, according to Frost & Sullivan.

”Our average daily orders received per robotaxi exceeded 15 in the six months ended June 30, 2024, setting a key milestone towards large-scale commercialization of Level 4 robotaxis.

• “We currently operate a fleet of over 190 robotrucks, both independently and in collaboration with Sinotrans, China’s largest freight logistics company according to CIFA, which has amassed approximately 5.0 million kilometers of autonomous driving mileage. Over the course of its commercial operations, our robotruck fleet offers hub-to-hub long-haul freight transportation across China, accumulating over 767 million freight ton-kilometers. In addition, we have collaborated with SANY, China’s leading truck manufacturer, to co-develop Level 4 robotrucks.

“Building upon our initial market success in China, Pony is steadfastly committed to providing this safe, sustainable, and accessible autonomous mobility on a global scale. To date, our presence has extended beyond China to encompass Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to our advanced technology.

“With these milestones, Pony is on track to achieve large-scale commercialization of our Virtual Driver technology. Specifically, we aim to develop a commercially viable and sustainable business model that enables the mass production and deployment of vehicles equipped with our Virtual Driver technology across transportation use cases, providing autonomous mobility to people and businesses around the world.”

Note: Net loss and revenue are in U.S. dollars (converted from China’s currency) for the period that ended June 30, 2024.

(Note: Pony AI disclosed the terms for its SPAC IPO in an F-1/A filing dated Nov. 14, 2024: 15.0 million American Depositary Shares at a price range of $11.00 to $13.00 to raise $180.0 million. Background: Pony AI Inc. filed its F-1 on Oct. 17, 2024, for its IPO, without disclosing terms; estimated IPO proceeds are $100 million, a placeholder amount. Some IPO pros estimate that Pony.AI could raise up to $300 million in its IPO. Background: Pony.AI submitted confidential IPO documents to the SEC on March 27, 2023.)

BrilliA Inc. BRIA A.G.P. (Alliance Global Partners), 2.5M Shares, $4.00-4.00, $10.0 mil, 11/22/2024 Week of

(Incorporated in the Cayman Islands)

BrilliA was incorporated on July 14, 2023, in the Cayman Islands. BrilliA is the holding company of (i) Bra Pro, which was incorporated in the British Virgin Islands on December 14, 2011, and, (ii) through its subsidiary BrilliA Singapore, MAP, which was incorporated in Indonesia on December 8, 2015. As of the reorganization on April 30, 2024, both Bra Pro and MAP are direct and indirect subsidiaries of BrilliA.

Bra Pro operates primarily as a sales and marketing entity, focusing on maintaining customers relationships and managing orders for lingerie and apparel from these customers. Based on the preferences of these customers, Bra Pro then directly engages with third-party manufacturers, sourcing materials, and establishing supply contracts with them. Bra Pro’s revenue stream comes from payments made by these customers. Bra Pro is a premier supplier of ladies’ intimate apparel worldwide. Some of the key customers of Bra Pro include Fruit of the Loom Inc, Hanes Brands Inc, Jockey International, Hennes & Mauritz, Canadelle and Li & Fung. MAP serves as Bra Pro’s fulfilment partner, overseeing the execution of Bra Pro’s customers’ orders. MAP’s services entail leading the design and prototyping phases of the lingerie and apparel design based on Bra Pro’s customer’s preferences, and ensuring the quality of products manufactured by third-party manufacturers. Bra Pro compensates MAP for these fulfillment services.”

Over the years, Bra Pro together with MAP, has evolved from operating as an Original Design Manufacturer (“ODM”) into a comprehensive cross border solution provider for ladies’ intimate products, including sourcing the lingerie and apparel raw materials, design, sampling, fitting, production, and logistics management for Bra Pro’s customers. This shared expertise between Bra Pro and MAP enabled their continued success in providing ladies’ intimates to customers.

After this offering, we plan to diversify our Group’s business through the licensed brand, DIANA. We believe that developing the DIANA line of lingerie and other apparel products could provide us with a good opportunity to obtain higher margins from our operations since we will be directly involved in selling the products to customers. Further, it allows us to have more control over the development and design of our products which can be used to reinforce our existing customers’ belief in our design capabilities. Our plans include offering high-quality, fashionable lingerie to customers and expanding our product range to include sleepwear, baby wear, active wear, and period panties. Additionally, we intend to establish boutique retail stores in Indonesia, Singapore, other ASEAN countries and Europe under the DIANA brand, enhancing our direct customer engagement and brand control. Through DIANA, we aim to attain recognition as a lingerie company and retail brand known for exceptional craftsmanship, innovative designs, inclusivity, and ethical practices. Our vision revolves around providing innovative, affordable, high-quality lingerie products that elevate customer satisfaction while fostering opportunities for employee growth.

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

(Note: BrilliA Inc. filed its F-1 on Sept. 12, 2024, and disclosed the terms for its IPO: The company is offering 2.5 million shares at a price range of $4.00 to $5.00 to raise $11.25 million, if priced at the $4.50 mid-point of its range. In the F-1 filing, however, BrilliA says the assumed IPO price is $4.00 – the low end of its range. If the IPO is priced at $4.00, the proceeds will be $10.0 million. The IPO Profile on IPOScoop is using the company’s assumed IPO price of $4.00. Background: BrilliA submitted confidential IPO documents to the SEC on March 7, 2024.)

Park Ha Biological Technology Co. Ltd. PHH Dawson James Securities/ D. Boral Capital (formerly EF Hutton), 1.2M Shares, $5.00-7.00, $7.0 mil, 11/22/2024 Week of

(Incorporated in the Cayman Islands)

We manufacture skincare products, including anti-aging products and exfoliation products. Our product line covers almost 200 items.

We sell our skincare and beauty products in our own stores and through a network of franchisees throughout China.

Our operating subsidiaries specialize in providing skincare and cosmetic products under our brand name “Park Ha” in China. Our operating subsidiaries develop our proprietary beauty products and offer complimentary after-sales beauty services in our physical stores. Park Ha Jiangsu, in addition to operating our two physical stores, is the research and development center focusing on skincare products development and improvement for sensitive skin. Xinzhan leads the marketing and promotional efforts and is the entity in charge of our franchising business. Park Ha Shanghai is a training center for our franchisee staff. As part of our value-added service for our products, our directly operated and franchise stores offer “light beauty experience,” a quick complimentary after-sales beauty service performed in the stores. Light beauty experience is offered to our customers as an effective way to demonstrate how our products are used in order to deliver the best results.

Note: Net income and revenue are for the 12 months that ended March 31, 2024.

(Note: Park Ha Biological Technology cut the price range of its small IPO to $4.00 to $6.00 – down from $5.00 to $7.00 originally – and kept the number of shares at 1.2 million shares – according to an F-1/A filing dated Oct. 9, 2024. Background: Park Ha Biological Technology filed its F-1 on Aug. 26, 2024, and disclosed the terms for its IPO: The company is offering 1.2 million shares at a price range of $5.00 to $7.00 to raise $7.0 million.)

YSX Tech Co., Ltd. YSXT Kingswood Capital Partners, 1.3M Shares, $4.00-6.00, $6.3 mil, 11/22/2024 Week of

We, through the YSX Operating Companies, provide comprehensive business solutions to enterprise customers, mainly insurance companies and brokerages, in China. (Incorporated in the Cayman Islands)

The YSX Operating Companies possess in-depth knowledge of the Chinese insurance industry accumulated from years of servicing their customers, and specialize in auto insurance aftermarket value-added services, software development and information technology services, as well as other scenario-based customized services, such as customer development services. For fiscal year 2023, the YSX Operating Companies provided the aforementioned services to a total of 52 clients, including 26 insurance company customers and 10 insurance brokerage customers, some of which are well-known established companies in China, such as PICC Property and Casualty Company Limited (“PICC”), China Ping An Property Insurance Co., Ltd (“Ping An”), CPIC (China Pacific Insurance (Group) Co Ltd (“CPIC”), and China United Insurance Group Company Ltd (“CUIG”). Currently, the YSX Operating Companies primarily operate in Xinjiang Province and Guangdong Province in China, where the majority of their customers are located.

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

(Note: YSX Tech Co., Ltd. filed an F-1/A dated Sept. 5, 2024, and disclosed that Kingswood Capital Partners is now the sole book-runner; US Tiger Securities is no longer involved with this IPO.)

(Note: YSX Tech Co., Ltd. filed its F-1 and disclosed the terms for its IPO on June 18, 2024: The company is offering 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Background: YSX Tech submitted confidential IPO documents to the SEC on Sept. 15, 2023.)

Ming Shing Group Holdings MSW Alexander Capital/ Revere Securities, 1.5M Shares, $5.50-7.50, $9.8 mil, 11/25/2024 Week of

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

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

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

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

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

(Note: Ming Shing Group Holdings revived its IPO plans by filing a new F-1 on Aug. 28, 2024, in which it disclosed the terms for its IPO: 1.5 million shares at a price range of $5.50 to $7.50 to raise $9.75 million – and disclosed a change in its joint book-runners’ team. Alexander Capital is a new joint book-runner, replacing R.F. Lafferty & Co., to work with Revere Securities. Note: Ming Shing Group’s IPO terms – stated in the Aug. 28, 2024, SEC filing – are the same terms that were in the F-1/A filing on May 9, 2024.)

(Note: Ming Shing Group Holdings withdrew its plans for its IPO in a letter to the SEC dated Aug. 27, 2024. Ming Shing Group had filed its F-1 and disclosed the terms for its IPO on June 23, 2023.)

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

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

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

Mint Inc. Ltd. MIMI Benjamin Securities/ Prime Number Capital, 1.8M Shares, $4.00-5.00, $7.9 mil, 11/25/2024 Week of

We are a holding company. Our subsidiary performs interior design services and fit out work for commercial and luxury residential properties in Hong Kong. (Incorporated in the British Virgin Islands)

We offer interior design services and fit out work. Our clients include the owners and management of retail stores, offices and other commercial properties, and luxury residential properties.

Founded in 2018, we are a Hong Kong-based interior design and fit out works provider. We have a strategic focus on providing integrated and industry-specific interior design and fit out works for commercial properties. Our work encompasses offices (different industries) and various kinds of retail stores with a view to reflect our customers’ corporate values and conceptualizing our customers’ brands. Our commercial projects cover internationally renowned retail stores, F&B (food and beverage) outlet chains, and the offices and other premises of a premier charitable organization in Hong Kong. We also provide integrated interior design and fit out works for luxury residential properties in order to enhance both the aesthetics and functionality of the interior space.

Our projects can be broadly categorized into (i) Design services, in which we develop and create tailor-made interior design proposals; and (ii) Design and fit out services, in which we undertake overall project management, coordination and quality control, and supervise fit out works carried out by our subcontractors, complemented by other services such as repair and maintenance works and procurement of furniture and fit out materials, etc.

Industry Background

Interior design and fit out market refers to the market that offers integrated services aimed at visually and functionally enhancing the interior environment of buildings, with a primary objective to create habitable space that cater to the needs and comfort of the occupants. Interior design and fit out works are defined as the process to visually and functionally enhance the ambience of interior space. It generally includes design and decorating works ranging from design drawings, site works, and post-design consultancy and supervisory services performed by professional practitioners. Based on the types of buildings, interior design and fit out works services market can be divided into residential sector, commercial sector, industrial sector, community facilities sector, government institutions sector and others.

Competitive Landscape

The interior design and fit out market in Hong Kong is highly fragmented. In 2022, there were approximately two thousand establishments, with more than seven thousand individuals engaged in various aspects of the interior design and fit out works market in Hong Kong. Due to its highly fragmented nature, the interior design and fit out industry currently has no major leading players identified.

Note: Net income and revenue are for Fiscal Year 2024 – the 12 months that ended March 31, 2024.

(Note: Mint filed its F-1 on Sept. 4, 2024, and disclosed the terms for its IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $7.88 million. Background: Mint submitted confidential IPO documents to the SEC on Dec. 22, 2023.)

Youxin Technology Ltd. YAAS Aegis Corp., 2.3M Shares, $4.00- 4.00, $9.2 mil, 11/26/2024 Tuesday

We are a software as a service (“SaaS”) and platform as a service (“PaaS”) provider committed to helping retail enterprises digitally transform their businesses using our cloud-based SaaS product and our PaaS platform to develop, use and control business applications without the need to purchase complex IT infrastructure. (Incorporated in the Cayman Islands)

We leverage the technologies used to develop our PaaS platform to standardize a highly customized customer relationship management, or CRM, services to our clients that seamlessly connect all levels of the retail chain from management teams to customers. Our products give our retail clients a comprehensive view of their business operations in real time on multiple interfaces, allowing them to make critical business decisions anytime and anywhere.

At present, we believe we are one of the few domestic SaaS or PaaS providers in Mainland China with a strong emphasis on mid-tier brands. According to China Insights Consultancy (“CIC”), in 2022, mid-tier brands accounted for approximately 35% to 50% of all retail sales in China. Our products allow mid-tier brand retailers to use offline direct distribution to connect the management team, distributors, salespersons, stores, and end customers across systems, apps, and device. This provides retailers with a comprehensive suite of tools to instantly address issues using real-time sales data. By streamlining the decision-making process, our products help optimize the overall supply chain, boosting efficiency and profitability.

We believe that there is a substantial market opportunity for our SaaS product and PaaS platform in Mainland China. According to CIC, the market for retail public cloud services in China, including ours, has experienced rapid growth over the past five years and is projected to maintain this steady rate of expansion for the next five years. As the demand for cloud-based solutions continues to rise, we anticipate that retailers will increasingly turn to public cloud services to streamline their operations, reduce costs, and enhance their overall performance. However, by the end of 2022, the penetration rate of SaaS in the Chinese retail industry was only 11.3% and PaaS penetration was even lower at less than 5%.

We believe our company is uniquely positioned to provide cloud-based SaaS products and a PaaS platform to meet the needs of mid-tier brands in Mainland China. We specialize in supporting mid-tier brands that heavily rely on offline direct distribution with high-volume IT update requirements. We offer customized, comprehensive, fast-deployment omnichannel digital solutions that unify all aspects of commerce. Our solutions include store innovations, distributed inventory management, cross-channel data integration, and a rich set of e-commerce capabilities that encompass mobile applications, social media, and web-based applications.

Since the inception of our operating subsidiary in 2018, we have achieved significant growth. We had 33 customers using professional service and they also purchased our payment channel service. So we also had 33 customers using our payment channel services as of September 30, 2022, primarily in the fast-moving consumer goods, cosmetics, and food and drink sectors. For the same period, our PaaS platform empowered us to develop highly customized CRM SaaS products for some leading brands such as Procter & Gamble (Guangzhou) Technology Innovation Co., LTD (“P&G Guangzhou”) and Pu’er Lancang Ancient Tea Co., Ltd., (“Lancang Ancient Tea”).

Our net losses increased from approximately RMB30.07 million ($4.17 million) for the year ended September 30, 2021 to approximately RMB46.58 ($6.46 million) for the year ended September 30, 2022. Our revenues increased by 15% from RMB7.20 million ($1.11 million) in fiscal year 2021 to RMB8.37 million ($1.28 million) in fiscal year 2022 and our gross profit increased from RMB4.25 million ($0.65 million) in fiscal year 2021 to RMB4.58 million ($0.70 million) in fiscal year 2022. Our net losses decreased from approximately RMB23.67 million ($3.72 million) for the six months ended March 31, 2022 to approximately RMB11.70 ($1.68 million) for the six months ended March 31, 2023. Our revenues decreased by 26% from RMB3.51 million ($0.55 million) for the six months ended March 31, 2022 to RMB2.84 million ($0.41 million) for the six months ended March 31, 2023 and our gross profit decreased from RMB1.87 million ($0.29 million) for the six months ended March 31, 2022 to RMB1.67 million ($0.24 million) for the six months ended March 31, 2022/

*Net loss and revenue figures are for the 12 months that ended March 31, 2023.

(Note: Youxin Technology disclosed in an F-1/A filing dated Oct. 11, 2024, that it has named Aegis Capital Corp. as the sole book-runner, replacing Univest Securities. Background: Youxin Technology Ltd. increased the size of its IPO to 2.3 million shares – up from 2.0 million shares – and kept the assumed IPO price at $4.00 – to raise $9.2 million, according to an F-1/A filing dated March 29, 2024. Youxin Technology Ltd. filed its F-1 on Sept. 7, 2023, and disclosed terms for its IPO: 2.0 million shares at $4.00 to raise $8.0 million.)

🏁 Emerging Market ETF Launches

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

09/20/2024 - FT Vest Emerging Markets Buffer ETF TSEP - Equity
09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF PCEM - Equity
09/04/2024 - Macquarie Focused Emerging Markets Equity ETF EMEQ - Active, Equity
09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF EVLU - Equity
09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF EQLT - Active, Equity
09/04/2024 - SPDR S&P Emerging Markets ex-China ETF XCNY - Equity, ex-China
08/13/2024 - Simplify Gamma Emerging Market Bond ETF GAEM - Active, Bond, Latin America
08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF JEMB - Currency
07/01/2024 - Innovator Emerging Markets 10 Buffer ETF EBUF - Equity
05/16/2024 - JPMorgan Active Developing Markets Equity ETF JADE - Equity
05/09/2024 - WisdomTree India Hedged Equity Fund INDH - Equity, India
03/19/2024 - Avantis Emerging Markets ex-China Equity ETF AVXC - Active, equity, ex-China
03/15/2024 - Polen Capital China Growth ETF PCCE - Active, equity, China
03/04/2024 - Simplify Tara India Opportunities ETF IOPP - Active, equity, India
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares XXCH - Equity, leveraged, China
01/11/2024 - Matthews Emerging Markets Discovery Active ETF MEMS - Active, equity, small caps
01/10/2024 - Matthews China Discovery Active ETF MCHS - Active, equity, small caps
11/07/2023 - Global X MSCI Emerging Markets Covered Call ETF EMCC - Equity, leverage
11/07/2023 - Avantis Emerging Markets Small Cap Equity ETF AVEE - Active, equity, small caps
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
09/22/2023 - Matthews Pacific Tiger Active ETF ASIA - Active, equity, Asia
09/22/2023 - Matthews Emerging Markets Sustainable Future Active ETF EMSF - Active, equity, ESG
09/22/2023 - Matthews India Active ETF INDE - Active, equity, India
09/22/2023 - Matthews Japan Active ETF JPAN - Active, equity, Japan
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
08/25/2023 - KraneShares Dynamic Emerging Markets Strategy ETF KEM - Active, equity, emerging markets
08/18/2023 - Global X India Active ETF NDIA - Active, equity, India
08/18/2023 - Global X Brazil Active ETF BRAZ - Active, equity, Brazil
07/17/2023 - Matthews Korea Active ETF MKOR - Active, equity, South Korea
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Active, value, growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Passive, large + midcap stocks
03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China
03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based
1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets
1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets
1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic
1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets
12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock
12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets
9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets
9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy
9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG
9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets
9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets
9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG
7/14/2022 - Matthews China Active ETF MCH - Active, equity, China
7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets
7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia
6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets
5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic
4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets
4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]
4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG
4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic
2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic
2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets
1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology
1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy
1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

07/27/2024 - iPathGEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE
11/11/2023 - Global X China Innovation ETF - KEJI
11/11/2023 - Global X Emerging Markets Internet & E-commerce ETF - EWEB
11/09/2023 - Franklin FTSE South Africa ETF - FLZA
10/27/2023 - Simplify Emerging Markets Equity PLUS Downside Convexity - EMGD
10/20/2023 - WisdomTree India ex-State-Owned Enterprises Fund - IXSE
10/20/2023 - WisdomTree Chinese Yuan Strategy Fund - CYB
10/20/2023 - Loncar China BioPharma ETF - CHNA
10/18/2023 - KraneShares Emerging Markets Healthcare Index ETF - KMED
10/18/2023 - KraneShares MSCI China ESG Leaders Index ETF - KSEG
10/18/2023 - KraneShares CICC China Leaders 100 Index ETF - KFYP
10/16/2023 - Strategy Shares Halt Climate Change ETF - NZRO
09/20/2023 - VanEck China Growth Leaders ETF - GLCN
08/28/2023 - Asian Growth Cubs ETF - CUBS
08/01/2023 - VanEck Russia ETF - RSX
07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
06/16/2023 - AXS Short China Internet ETF - SWEB
04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG
3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE
3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE
3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE
3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM
2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD
1/13/2023 - First Trust Chindia ETF - FNI
12/28/2022 - Franklin FTSE Russia ETF - FLRU
12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT
8/22/2022 - iShares MSCI Colombia ETFI COL
6/10/2022 - Infusive Compounding Global Equities ETF JOYY
5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH
4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE
3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL
1/27/2022 - Legg Mason Global Infrastructure ETF INFR
1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ

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

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

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

Emerging Market Links + The Week Ahead (November 18, 2024) was also published on our website under the Newsletter category.

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Emerging Market Links + The Week Ahead (November 18, 2024)

AI's coming collapse, Einhorn says markets are broken (& getting worse), LA copper stronghold, Thailand's casino GGR could pass Singapore's, EM stock picks and the week ahead for emerging markets.

🔬 Emerging Market Stock Pick Tear Sheets

📰🔬 Emerging Market Stock Picks / Stock Research

📰🔬 Further Suggested Reading

📅 Earnings Calendar

📅 Economic Calendar

🗳️ Election Calendar

📅 Emerging Market IPO Calendar/Pipeline

We are a newly organized blank check company. (Incorporated in the Cayman Islands)

Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region. Because of our significant ties to China, we may pursue opportunities in China (including Hong Kong and Macau).

Our Chairman and Chief Executive Officer is Mingyu (Michael) Li, who is located in China. Our Chief Financial Officer, Min (Lydia) Zhai, and one of our independent director nominees, Tianchen Cai, are located in Singapore.

Since March 2020, Mr. Li has served as the Chief Executive Officer of Hangzhou Qianhe Mingde Equity Investment Co., Ltd., namely Horizon Capital, a private equity firm focusing on renewable and AI-driven manufacturing.

MISSION

CORPORATE HISTORY AND STRUCTURE

Creative Global Technology Holdings Limited is a Cayman exempted company formed on January 11, 2023. (Incorporated in the Cayman Islands)

In March 2023, CGT Holdings completed a reorganization of its corporate structure. CGT Holdings owns 100% equity interest in Creative Global Technology (BVI) Limited (“CGT BVI”), a BVI holding company formed on January 12, 2023. On March 9, 2023, CGT BVI became the 100% owner of CGTHK.

**Note: Net income and revenue figures are for the 12 months that ended March 31, 2024.

(Note: Creative Global Technology Holdings Limited reduced 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 ($5.625 million) in an F-1/A filing dated March 22, 2024.)

(Incorporated in the Cayman Islands)

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

(Note: Fitness Champs Holdings Limited filed its F-1 on Sept. 9, 2024, and disclosed the terms for its IPO – 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million.)

We are a pre-revenue mining company focused on potash, a major fertilizer. (Incorporated in Ontario, Canada)

Our technical operations are based in Autazes, Amazonas, Brazil, and Belo Horizonte, Minas Gerais, Brazil. Our corporate office is in Toronto, Ontario, Canada.

Once our operations commence, our operating activities will be focused on the extraction and processing of potash ore from our underground mine and selling and distributing the processed potash in Brazil.

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

Most of our customers are Chinese companies. In 2024, we began recognizing revenue from companies in Kazakhstan and Indonesia.

Note: Net income and revenue are for the 12 months that ended March 31, 2024.

(Note: Leishen Energy Holding Co., Ltd. filed an F-1/A on Oct. 29, 2024, naming Dominari and Revere Securities as joint book-runners, replacing Pacific Century Securities as the sole book-runner.)

(Note: Leishen Energy Holding Co., Ltd. filed its F-1 on Oct. 1, 2024, and disclosed the terms for its micro-cap IPO: The company is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6 million, if priced at the $4.50 mid-point of its range.)

We develop autonomous vehicle technology systems designed for robotaxis and robotrucks as well as other uses. We have partnerships with Toyota and other large OEMs (original equipment manufacturers). (Incorporated in the Cayman Islands)

We aim to mass commercialize our revolutionary autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and businesses around the world.

From the prospectus:

“Pony is a global leader in achieving large-scale commercialization of autonomous mobility.

“Pony’s robotaxi offers everyone a revolutionary mobility option to make our streets safer and greener, changing the way the world moves.

“Stepping out of the car, the passengers pay the fare through the app and conclude this awe-inspiring ride. Meanwhile, the robotaxi drives itself away to pick up the next passenger, leaving one to ponder what other marvels the future holds.

“Starting from scratch and bringing our technology to people’s lives is by itself a testament to our commitment to autonomous mobility. Yet the progress we have made to date is what sets Pony apart from our peers:

​• “We currently operate a fleet of over 250 robotaxis, which has accumulated over 33.5 million kilometers of autonomous driving mileage, including over 3.9 million kilometers of driverless mileage.

​• “We have formed a joint venture with Toyota and GTMC to advance the mass production and large-scale deployment of fully driverless robotaxis in China. In addition, we have partnered with other leading OEMs, such as SAIC, GAC and FAW, to co-develop and mass produce robotaxi vehicles.

​​”Our average daily orders received per robotaxi exceeded 15 in the six months ended June 30, 2024, setting a key milestone towards large-scale commercialization of Level 4 robotaxis.

Note: Net loss and revenue are in U.S. dollars (converted from China’s currency) for the period that ended June 30, 2024.

(Incorporated in the Cayman Islands)

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

(Incorporated in the Cayman Islands)

We manufacture skincare products, including anti-aging products and exfoliation products. Our product line covers almost 200 items.

We sell our skincare and beauty products in our own stores and through a network of franchisees throughout China.

Note: Net income and revenue are for the 12 months that ended March 31, 2024.

We, through the YSX Operating Companies, provide comprehensive business solutions to enterprise customers, mainly insurance companies and brokerages, in China. (Incorporated in the Cayman Islands)

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

(Note: YSX Tech Co., Ltd. filed an F-1/A dated Sept. 5, 2024, and disclosed that Kingswood Capital Partners is now the sole book-runner; US Tiger Securities is no longer involved with this IPO.)

(Note: YSX Tech Co., Ltd. filed its F-1 and disclosed the terms for its IPO on June 18, 2024: The company is offering 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Background: YSX Tech submitted confidential IPO documents to the SEC on Sept. 15, 2023.)

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

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

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

(Note: Ming Shing Group Holdings withdrew its plans for its IPO in a letter to the SEC dated Aug. 27, 2024. Ming Shing Group had filed its F-1 and disclosed the terms for its IPO on June 23, 2023.)

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

We are a holding company. Our subsidiary performs interior design services and fit out work for commercial and luxury residential properties in Hong Kong. (Incorporated in the British Virgin Islands)

We offer interior design services and fit out work. Our clients include the owners and management of retail stores, offices and other commercial properties, and luxury residential properties.

Industry Background

Competitive Landscape

Note: Net income and revenue are for Fiscal Year 2024 – the 12 months that ended March 31, 2024.

(Note: Mint filed its F-1 on Sept. 4, 2024, and disclosed the terms for its IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $7.88 million. Background: Mint submitted confidential IPO documents to the SEC on Dec. 22, 2023.)

*Net loss and revenue figures are for the 12 months that ended March 31, 2023.

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Discussion about this post

• “We currently operate a fleet of over 250 robotaxis, which has accumulated over 33.5 million kilometers of autonomous driving mileage, including over 3.9 million kilometers of driverless mileage.

• “We have formed a joint venture with Toyota and GTMC to advance the mass production and large-scale deployment of fully driverless robotaxis in China. In addition, we have partnered with other leading OEMs, such as SAIC, GAC and FAW, to co-develop and mass produce robotaxi vehicles.

”Our average daily orders received per robotaxi exceeded 15 in the six months ended June 30, 2024, setting a key milestone towards large-scale commercialization of Level 4 robotaxis.