Emerging Market Links + The Week Ahead (November 4, 2024)

China shaking down the rich/companies for taxes, AstraZeneca China problems, Macau looking solid, BRICS 2024 in Kazan, Hyundai Motor India stalls, EM stock picks & the week ahead for emerging markets.

All eyes have been on the US elections for Tuesday, but there are some good (alt media) pieces examining BRICS 2024 in Kazan (as the MSM has largely ignored the summit). It sounds like no real “breakthroughs,” but just more small and incremental progress. But one must remember this quote from Lenin (keeping the US elections in mind…): “There are decades where nothing happens; and there are weeks where decades happen.”

On an interesting note: The FT has reported that China is piling pressure on rich people and companies to cough up taxes 🗃️ to fill government coffers depleted by the property slump. AstraZeneca (NASDAQ: AZN)’s China president is also reported to be under investigation (for something…) plus there have been allegations against the company involving medical insurance fraud and the importing of unapproved drugs in the country.

Finally, I have further cleaned up the China, Hong Kong & Macau Stock Index adding links to Wikipedia (🇼), domicile info (as there is a site for Hong Kong listings with easy to look at lists indicating stock domiciles), ensuring the primary stock listing appears first, etc.

However, does anyone know a good stock screening tool that indicates if a stock is a state-owned, controlled (e.g. potentially via multiple entities), or influenced company? If so, let me know in a comment…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🌐 EM Fund Stock Picks & Country Commentaries (November 3, 2024) Partially $

  • EVs, Israel vs. Iran & oil, etc. reality checks. China’s $19T crisis, cyclone impacts, all about data centers, how EM companies withstand interest rate shifts, consumer staples + hotel stocks, etc.

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📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Archived article

🇮🇳 SAIC Motor (600104 CH): India Sub JSW MG Motor Drives EV Surge with Battery-As-A-Service (Smartkarma) $

• SAIC Motor Corp (SHA: 600104)'s 49% subsidiary, JSW MG Motor India, reported that its newly launched MG Windsor EV become the best-selling passenger electric vehicle in India for October.

• The MG Windsor EV is driving strong sales in the New Energy Vehicle (NEV) segment, thanks to its innovative Battery-as-a-Service (BaaS) option, which significantly reduces the upfront cost for buyers.

• By offering BaaS, JSW MG Motor makes switching to EVs more appealing, as the program decouples the battery cost from the vehicle, enabling a direct comparison with comparable ICE models.

🇨🇳 BYD (1211 HK): 3Q24, Revenue up by 24% Due to Sales Volume Acceleration (Smartkarma) $

• Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume.

• The operating margin declined YoY due to historical high marketing expenses.

• We believe BYD Company (SHE: 002594 / HKG: 1211 / OTCMKTS: BYDDY / BYDDF) has an upside of 25% for the end of 2025.

🇨🇳 [Li Auto (LI US, SELL, TP US$25) TP Change]: Excellence Under Pressure but Challenge Still Loom Big (Smartkarma) $

• Li Auto (NASDAQ: LI) reported C3Q24 top line, non-GAAP operating profit and GAAP net income 2.0%, 68% and in line vs. our estimates.

• We expect LI’s share price to be range bound until its BEV SUV to debut in C2Q25. Facing a crowded market

• We raise TP from US$22 to 25 but keep rating at SELL.

🇨🇳 Li Auto (LI US): Record Sales Volume in Sep and Record Operating Profit in 3Q24 (Smartkarma) $

• Li Auto (NASDAQ: LI) ’s revenue increased by 24% YoY in 3Q24, as deliveries climbed out of the trough.

• LI achieved record operating profit and a record margin in 3Q24.

• We believe the plunge after the result release just provides an upside of for the stock.

🇨🇳 Horizon Robotics debuts strongly, fueled by autonomous driving boom (Bamboo Works)

• The autonomous driving technology company will use proceeds from its IPO to capture market opportunities to further drive its revenue and margin growth

• Horizon Robotics (HKG: 9660) raised HK$5.41 billion in its Hong Kong IPO, valuing the company at HK$53.4 billion

• The company’s revenue grew 152% in the first half of the year, and it expects its recently formed joint venture with Volkswagen to further drive growth

🇨🇳 Newborn Town reports blowout business, but investors fail to move in (Bamboo Works)

• The social networking company reported strong performance in the first three quarters of the year, including revenue growth of more than 60%

• Newborn Town (HKG: 9911 / OTCMKTS: NWBTF)’s revenue grew between 60.7% and 62.7% to more than 3.2 billion yuan in the first nine months of this year

• The social media platform operator’s cumulative app downloads passed the 700 million mark during that time

🇨🇳 Daqo toes the line as Beijing tries to cool down solar oversupply (Bamboo Works)

• The polysilicon maker said it is currently using just half its capacity, a level that appears to be set by the central government as it tries to stabilize the market

• Daqo New Energy (NYSE: DQ) said its revenue plunged by more than half in the third quarter, as it scaled back production in response to tumbling polysilicon prices

• The company said it will produce around 205,000 MT of polysilicon this year, far below the 285,000 MT it originally forecast in February

🇨🇳 🇬🇧 Smith & Nephew cuts outlook on China weakness (FT) $ 🗃️

Smith & Nephew plc (NYSE: SNN)

• FTSE 100 medical manufacturer reports price pressures and worse-than-expected demand

🇨🇳 AstraZeneca says its China operations president under investigation (Reuters)

• Not clear what the investigation is about or if Wang is detained

• AstraZeneca (NASDAQ: AZN) employees were detained in September

• Chinese media have reported on other AstraZeneca-related probes

🇨🇳 Report finds China targeted AstraZeneca in fraud probe over cancer treatment (SCMP)

• The pharmaceutical giant, whose China chief is now under investigation, was previously at the centre of insurance scam cases, report says

🇨🇳 AstraZeneca China president under investigation as fraud scandal simmers (Caixin) $

• AstraZeneca (NASDAQ: AZN)’s China president is under investigation by the Chinese authorities, the company disclosed this week, as the British pharma giant continues to grapple with allegations involving medical insurance fraud and the importing of unapproved drugs in the country.

• Leon Wang is “cooperating with an ongoing investigation,” AstraZeneca said in a Wednesday press release, adding that it will also “fully cooperate” with the probe.

🇨🇳 How AstraZeneca bilked China’s insurance program out of millions of yuan (Caixin) $

• China’s investigation into medical insurance fraud allegations at pharmaceutical giant AstraZeneca (NASDAQ: AZN)’s China branch has reached the firm’s highest level of executive — Leon Wang, the division’s president, was confirmed to be under investigation this week.

• Following a three-year probe, dozens of current and former AstraZeneca China executives, regional sales heads and pharmaceutical representatives have been investigated, with court files showing that millions of yuan could be involved in the fraud case.

🇨🇳 WuXi XDC Cayman:  The Stock Still Trades at a Premium Multiple, Lack of Upside Catalysts (Smartkarma) $

• WuXi XDC Cayman (HKG: 2268 / FRA: L74)’s shares significantly underperformed in 2024 with shares down ~28% year-to-date versus a ~19% gain on the Hang Seng Index.

• Shares of both Wuxi Biologics (HKG: 2269 / OTCMKTS: WXXWY / OTCMKTS: WXIBF) and WuXi AppTec Co (HKG: 2359 / SHA: 603259 / OTCMKTS: WUXAY) also saw selling pressure due to Biosecure Act potential concerns. The US House of Representatives passed the Biosecure Act in September.

• I believe that at current levels, the WuXi XDC Cayman valuation is full. My PT of HK$23.00 per share suggests limited upside.

🇨🇳 Cancer drug maker Biostar shines on Hong Kong market debut (Bamboo Works)

Beijing Biostar Pharmaceuticals Co Ltd (HKG: 2563)

• Unusually for a newly listed biotech, the company has already launched a commercial product – a flagship oncology drug that was developed using synthetic biotechnology

• The active agent in the company’s injection for breast cancer is also a key ingredient in 16 of its 19 drug pipelines

• The public offering was oversubscribed by around 20 times and the shares rose 62% in their trading debut

🇨🇳 Locked in overheated battle with its clone at home, Luckin eyes expansion in U.S. (Bamboo Works)

• China’s largest coffee chain is accelerating its move overseas, even as two-year-old rival Cotti Coffee does the same

• Luckin (OTCMKTS: LKNCY) plans to expand to the U.S. and other markets following its first offshore move into Singapore, as competition remains stiff and demand weakens at home

• The budget coffee chain’s quarterly revenue exceeded 10 billion yuan for the first time in the three months to September, up 41% year-on-year

🇨🇳 [Luckin Coffee Inc. (LKNCY US, UR) Earnings Review]: Operational Turnaround, Now All Eyes on Growth (Smartkarma) $

• Luckin (OTCMKTS: LKNCY) reported C3Q24 revenue 9.8%/6.3% higher than our estimate/consensus, and non-GAAP operating profit 26%/28% higher than our estimate/consensus.

• In the short term, Luckin managed to raise price without trigger consumer departure, and may do so for a few more quarters.

• We put the TP and the rating under review pending further assessment of US market entry.

🇨🇳 Cotti Coffee opens 10,000th store, aiming for another 40,000 in 2025 (Momentum Works)

• Cotti Coffee, China’s 2nd largest coffee chain by store count, celebrated its 2nd anniversary last week. To mark this occasion, Cotti announced the opening of its 10,000th store, in … Doha, Qatar. 

• Luckin (OTCMKTS: LKNCY) is not killing Cotti, at least not yet

• Cotti’s 5 key achievements

• When will China’s coffee war be over?

🇨🇳 Cotti splashes past 10,000-store milestone, fueled by relentless price war (Bamboo Works)

• The two-year-old coffee chain’s founder looks obsessed with beating his former brainchild Luckin (OTCMKTS: LKNCY), using low prices and an innovative financing model to fuel his breakneck expansion   

• Despite reaching the 10,000-store milestone, Cotti Coffee’s obsession with beating Luckin through price wars could ultimately threaten its long-term sustainability

• International expansion could offer Cotti a better path forward than its low-price strategy in the saturated China market

🇨🇳 Haitian eyes second listing in Hong Kong, but may have to swallow lower valuation (Bamboo Works)

• China’s leading condiment maker is reportedly considering a Hong Kong IPO, boasting a history dating back over 300 years and portfolio including soy sauce, oyster sauce and vinegar

• Foshan Haitian Flavouring & Food (SHA: 603288) is reportedly considering a Hong Kong IPO, boasting a stable business that shows its products may be relatively immune to China’s slowing economy

• The leading condiment maker’s China-listed A-shares trade at a P/E ratio of over 30 times, but it’s unlike to achieve such a high multiple in Hong Kong

🇨🇳 Pop Mart scores big overseas hit with craze for cute toys (Bamboo Works)

• After a rapid expansion, the retailer of blind-box toys can now boast a bigger market value than some Hong Kong blue chips such as Chow Tai Fook Jewelry Group (HKG: 1929 / FRA: 1CT / OTCMKTS: CJEWY / CJEWF), Li Ning (HKG: 2331 / FRA: LNLB / FRA: LNL / OTCMKTS: LNNGY / LNNGF) and Haidilao International Holding (HKG: 6862 / FRA: 8HI / OTCMKTS: HDALF)

• Pop Mart International Group (HKG: 9992 / FRA: 735)’s overseas sales soared more than four times in the third quarter, far exceeding market expectations

• Riding on the good news, company founder Wang Ning launched a rights issue that raised more than HK$1.5 billion

🇨🇳 Linklogis appears to build shaky house on lower fees for suffering customers (Bamboo Works)

• The supply chain financing services provider reported growing transactions in the first nine months of this year, but remains heavily exposed to China’s sagging property market

• Linklogis (HKG: 9959 / FRA: 0NY / OTCMKTS: LNKLF) reported its total transaction volume increased 17% year-on-year in the first nine months of this year

• The company’s first-half results showed its revenue grew much more slowly than its transaction volume, suggesting it lowered its fees to generate more business

🇭🇰 Hongkong Land HKL SP: A Strategic Update and on a Transformational Path (Smartkarma) $

• Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY), a Central office landlord with more than 135 years of history, announced a strategy update, which we think is ambitious, dynamic, and bold

• We think the strategic update is comprehensive, spreading across business operations, corporate governance and management alignment. It will drive sustainable growth and deliver long-term shareholder’s returns

• We think the proposed transformation can unlock value to shareholders, and tighten the NAV discount.

🇲🇴 MGM China quarterly EBITDA at US$255mln, rev up 14pct (GGRAsia)

• Macau casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) reported third-quarter adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of just above HKD1.98 billion (US$255.3 million). The result was up 5.3 percent from a year earlier, but down 18.8 from the preceding quarter, according to a Thursday filing to the Hong Kong Stock Exchange.

• Third-quarter revenue was up 14.0 percent year-on-year, to nearly HKD7.25 billion. Revenue fell by 8.9 percent sequentially, from HKD7.96 billion in the second quarter.

🇲🇴 MGM China 3Q GGR share loss had been expected: analysts (GGRAsia)

• Macau casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) lost market share in gross gaming revenue (GGR) during the third quarter, noted a number of brokerages in notes following the results for the three months to September 30.

• Though the overall view was that this has been anticipated due to ongoing robust competition for business in the Macau market.

• MGM China executives had during the Wednesday call to discuss the third-quarter earnings of the company and its parent MGM Resorts International (NYSE: MGM), emphasised how the Macau business was being refreshed to respond to competitive challenges.

🇲🇴 Sands China’s leverage to continue improving: Lucror (GGRAsia)

• Macau casino operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF)’s leverage will in likelihood “continue improving towards pre-pandemic levels” in 2024 and 2025, says Singapore-based Lucror Analytics.

• Such improvement will be “supported by free-cash-flow generation and debt repayments,” wrote credit analyst Leonard Law, in a report carried on the Smartkarma platform.

• The analyst said Lucror’s credit bias on Sands China was “stable”. The casino firm’s “next debt maturity” is the US$1.6 billion in senior notes due on August 8, which Mr Law said could be repaid “by drawing down” from a new term loan.

• Sands China announced last week new credit facilities amounting to HKD32.45 billion (US$4.18 billion).

🇹🇼 Silicon Motion Technology: The Decline May Not Have Much Further To Go (Seeking Alpha) $ 🗃️ (?)

• Silicon Motion Technology Corporation (NASDAQ: SIMO) - Designs, develops, & markets NAND flash controllers for solid-state storage devices. 🇼

🇰🇷 End of Mandatory Lock-Up Periods for 56 Companies in Korea in November 2024 (Douglas Research Insights) $

• We discuss the end of the mandatory lock-up periods for 56 stocks in Korea in November 2024, among which six are in KOSPI and 50 are in KOSDAQ.

• These 56 stocks on average could be subject to further selling pressures in November and could underperform relative to the market.

• The top three market cap stocks including those of which at least 1% of outstanding shares could be sold in November are HD Hyundai Marine Solution Co Ltd (KRX: 443060), Asicland Co Ltd (KOSDAQ: 445090), and Daemyung Energy.

🇰🇷 Launch of the Korea Value-Up ETFs on 4 November (Douglas Research Insights) $

• There will be 12 ETFs related to the Corporate Value Up program that will be launched in Korea on 4 November.

• Initially, there will be a total of 510 billion won allocated to these ETFs and ETNs related to the Corporate Value Up program in Korea.

• Some of the major KOSPI 100 stocks including KB Financial Group (NYSE: KB) and KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC) that are not currently included in the Korea Value Up index could be included in these ETFs.

🇰🇷 POSCO: Look Past Q3 Earnings Miss (Seeking Alpha) $ 🗃️

• Posco (NYSE: PKX) - Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼

🇰🇷 Shinhan Financial: Earnings Miss, Long-Term ROE Target Are Key Considerations (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌐 Shinhan Financial Group (KRX: 055550) - 6 segments: Banking, Credit Card, Securities, Life Insurance, Credit & Others. Merchant bank with 200 global channels & 15 subsidiaries. 🇼 🏷️

🇰🇷 Vitzrocell: Attractive Valuations and Potential Inclusion in KOSDAQ 150 Index (Douglas Research Insights) $

• One of the key investment highlights of [website down?] Vitzrocell Co Ltd (KOSDAQ: 082920) is the solid growth in sales and profits driven by its lithium-based primary batteries to major industries such as military and energy.

• Vitzrocell has generated excellent sales and net profit growth. The company's sales and net income increased at a CAGR of 55.6% and 45.5% respectively from 2021 to 2023.

• Vitrocell is trading at EV/EBITDA of 4.9x and P/E of 10x in 2025 which are 19% and 25% lower than its historical valuation multiples from 2021 to 2024.

🇰🇷 Jusung Engineering: Cancels Spin-Off and Announces Share Buyback Worth 50 Billion Won (Douglas Research Insights) $

• Jusung Engineering (KOSDAQ: 036930) announced that it has cancelled its equity spin-off and physical division split plans mainly due to a much larger than expected share purchase requests.

• Jusung Engineering will now buyback 50 billion won worth of shares instead, representing 3.3% of its current market cap.

• Now that the company has cancelled the equity spin-off and physical division split, this is likely to have a positive impact on Jusung Engineering.

🇰🇷 SK Inc: Solid Corporate Value Up Plan Muddled by SK Chairman Chey's Ongoing Divorce Proceeding (Douglas Research Insights) $

• On 28 October, SK Inc (KRX: 034730) announced its corporate value up program.

• Minimum annual DPS was set at 5,000 won. The combination of dividends and share buyback/cancellations would mean that the total shareholder returns could range about 4% to 5% per year.

• The company announced its goal of improving its ROE to around 10% in the long-term. From 2021 to 2023, the company's ROE averaged 3.9%.

🇰🇷 Korea Zinc: Increased Volatility in Share Price Post Korea Zinc's Tender Offer Results (Douglas Research Insights) $

• Korea Zinc (KRX: 010130) announced that it has secured 9.85% of its own shares through a public offering. Bain Capital also secured an additional 1.41% stake in Korea Zinc.

• After this tender offer, MBK/Young Poong Precision Corporation (KOSDAQ: 036560) alliance still has a slight advantage. The fight for the control of Korea Zinc will likely be determined at the AGM in spring, 2025.

• For longer term investors (with investment horizon of 1 year or more), the current share price of Korea Zinc looks overly stretched.

🇰🇷 Korea Zinc - Rights Offering of 2.5 Trillion Won Is a Display Of "Korea Discount" At Its Worst (Douglas Research Insights) $

• Korea Zinc (KRX: 010130) announced a massive rights offering worth 2.5 trillion won. The expected rights offering price is 670,000 won (57% lower than the closing price on 29 October).

• The company plans to use 2.3 trillion won in debt repayment and 135 billion won for working capital as well as help to alleviate the risk of delisting.

• This rights offering symbolizes a display of "Korea Discount" at its worst and likely to put continued negative pressure on Korea Zinc's share price in the coming weeks.

🇰🇷 FSS Could Put a Break on the Massive Capital Raise by Korea Zinc This Year (Douglas Research Insights) $

• Ham Young-Il (Deputy Director at FSS) stated that there is a high possibility of an unfair trading practice with regards to Korea Zinc (KRX: 010130)'s yesterday announcement of a massive capital raise.

• If the FSS puts a break on the capital raise, then there is less likely probability of a fierce proxy war between the two sides.

• All in all, we expect continued high volatility on Korea Zinc's share price and we remain negative on its share price in the next several weeks.

🇰🇷 Shinsegae Officially Reorganizes Its Group Structure Into Two Different Subgroups (Douglas Research Insights) $

• Despite Shinsegae Group's to officially separate into two main business operations (E-Mart (KRX: 139480) vs Shinsegae Inc (KRX: 004170)), this separation has already been in place essentially in the past several years.

• Valuations remain compelling for both companies as they are trading at near historical low valuations.

• Going forward, expect more management shakeups, especially at E-Mart as the company tries to stage a major turnaround of its operations, especially in terms of profitability.

🇰🇷 Lotte Tour Oct casino revenue up 22pct y-o-y (GGRAsia)

• Lotte Tour Development (KRX: 032350), the promoter of the Jeju Dream Tower resort (pictured in a file photo) on South Korea’s Jeju island, reported casino sales of KRW24.20 billion (US$17.7 million) in October, up 22.2 percent in year-on-year terms.

• Judged sequentially, October’s casino sales at the complex’s foreigner-only gaming operation were down by 14.9 percent. That is according to a Friday filing to the Korea Exchange. No commentary was given on the reason for the changes.

🇰🇷 Kangwon Land 3Q net income up 24pct y-o-y (GGRAsia)

• Third-quarter net income at Kangwon Land (KRX: 035250), operator of Kangwon Land (pictured), a leisure complex with the only South Korean casino open to locals, was up 24.3 percent year-on-year, but down 42.6 percent from the second quarter.

• A Monday filing to the Korea Exchange said such net income was nearly KRW91.98 billion (US$66.5 million), versus third-quarter 2023’s KRW73.97 billion.

🇮🇩 Apple banned from selling iPhone 16 in Indonesia (FT) $ 🗃️

• Government says US company’s investment in the country has fallen short

🇮🇩 Indonesia’s iPhone 16 ban will hurt consumers more than Apple (FT) $ 🗃️

• Government’s decision to block the sale of the latest iPhone is far from disastrous for the tech group

🇵🇭 Pryce Corp (PPC.PS) – Fuel for thought: A strategic play into the inelastic Philippine LPG market (Pyramids and Pagodas)

• Exploring Pryce Corp’s vertically integrated business, resilient demand, and regulatory advantages

• In this episode, we present the investment case for Pryce Corp (PSE: PPC / OTCMKTS: PYCEF), “Pryce”), a key player in the Philippine liquified petroleum gas (LPG) distribution market. Pryce’s vertically integrated business model includes importing, storing, and distributing LPG directly to households and small businesses, making it the second-largest player in the Visayas and Mindanao regions and third-largest nationwide.

• This deep-dive leverages insights from a wide-ranging interview with Pryce Chairman and Founder, Salvador Escaño, which we will publish for our readers shortly.

🇵🇭 Interview with Salvador Escaño, Founder and Chairman of Pryce Corp (PPC.PS) (Pyramids and Pagodas) $

• Mr. Salvador Escaño discusses vertical integration, future directions, and Pryce Corp (PSE: PPC / OTCMKTS: PYCEF)'s staying power among its household consumer base, and what it takes to power a nation's kitchens

🇸🇬 SATS’ Share Price Surges 55% in 6 Months: Can the Ground Handler Continue This Momentum? (The Smart Investor)

• The airline food caterer posted a strong performance in the past six months, but can it continue this streak?

• Share prices of aviation-related stocks such as Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) and SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF) have seen healthy increases of 25.7% and 14.5%, respectively, over the past two years.

• The standout performer, however, is SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF).

  • Uplift from the WFS acquisition

  • Continued robust results

  • Promising business developments

  • Get Smart: Firing on many cylinders

🇸🇬 Moody’s affirms GEN Singapore A3, little room for upgrade (GGRAsia)

• Moody’s Investors Service Inc has affirmed casino operator Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY)’s “A3” credit rating, indicating upper-medium grade and low credit risk. It said the outlook for the company was “stable”.

• Though the institution stated in a Monday memo: “Upward movement of the rating is unlikely, given Genting Singapore’s small scale compared with its global peers and its concentration in Singapore.”

🇸🇬 3 Singapore Stocks Reporting Double-Digit Profit Growth: Can Their Share Prices Follow? (The Smart Investor)

• These three companies are storming ahead with impressive profit growth.

  • iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) is a financial technology company that operates a platform for the buying and selling of unit trusts, equities, and bonds.

  • Grand Banks Yachts (SGX: G50) is a manufacturer of luxury recreational motor yachts.

  • ISEC Healthcare Ltd (SGX: 40T) provides a comprehensive suite of specialist medical eye care services with ambulatory surgical centres in Malaysia, Singapore, and Myanmar.

🇸🇬 🇭🇰 SGX Introduces 5 New Hong Kong Singapore Depository Receipts: Here’s What You Need to Know (The Smart Investor)

• SDRs are designed to provide Singapore investors with more efficient access to regional markets and the first three SDRs were Thai blue-chip stocks Airports of Thailand PCL (BKK: AOT / SGX: TATD / FRA: NYVQ / OTCMKTS: AIPUY / AIPUF), CP ALL PCL (BKK: CPALL / CPALL-R / SGX: TCPD / OTCMKTS: CVPBF / CVPUF), and PTT Exploration & Production (BKK: PTTEP / PTTEP-R / SGX: TPED / OTCMKTS: PEXNY).

• These three SDRs were well-received and SGX expanded on this scheme by introducing five more Thai stocks back in April this year.

• The stocks are Advanced Info Services (BKK: ADVANC / SGX: TADD), Delta Electronics Thailand (BKK: DELTA / SGX: TDED), Gulf Energy Development (BKK: GULF / SGX: TGED), Kasikornbank (BKK: KBANK / SGX: TKKD / FRA: TFBF / OTCMKTS: KPCPY / KPCPF), and Siam Cement Group (BKK: SCC / SGX: TSCD) .

• This is the first time that SGX is launching SDRs tied to Hong Kong stocks, so what can investors expect?

• The five new Hong Kong SDRs are Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF), Alibaba (NYSE: BABA) [(SGX: HBBD)], HSBC Holdings plc (NYSE: HSBC) [(SGX: HSHD)], and the Bank of China (SHA: 601988 / HKG: 3988 / SGX: HBND / OTCMKTS: BACHY / BACHF).

🇸🇬 5 Singapore Stocks Paying Dividends in November (The Smart Investor)

• Here are five Singapore stocks dishing out dividends in November.

  • GuocoLand Limited (KLSE: GUOCO / SGX: F17) is a real estate group that develops, invests, and manages a portfolio of quality commercial and mixed-use assets that provide stable rental income.

  • Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF), or MMH, designs and manufactures high precision parts and tools for the wafer fabrication and assembly processes of the semiconductor industry.

  • Suntec Real Estate Investment Trust (SGX: T82U / OTCMKTS: SURVF) is a retail cum commercial REIT that holds stakes in Suntec City as well as interests in One Raffles Quay, Marina Bay Financial Centre, and Suntec Singapore Convention Centre.

  • Spindex Industries Ltd (SGX: 564) is a precision engineering manufacturer with competencies in turning, machining, grinding, surface treatments, and mechanical sub-assemblies.

  • Tai Sin Electric Ltd (SGX: 500) develops and markets a comprehensive range of high-quality electric cables through a distribution network serving many industries.

🇸🇬 Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2) (Corporate Monitor)

• Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) - Property, infrastructure & asset management businesses. 🇼

🇮🇳 🇰🇷 CNBC's Inside India newsletter: Why did India's biggest market listing this year falter on its debut? (CNBC)

• Hyundai Motor India (NSE: HYUNDAI / BOM: 544274) became India's second-largest automaker by demonstrating that it understands the market by tailoring its globally popular and technologically advanced cars not only to Indian consumers' tastes but also to its roads.

• It's a profitable enterprise, and Hyundai's management believes this trend will continue.

• Shares have fallen across the board with the Nifty 50 index declining by about 5% over the past month. However, investors have pointed to several elements of the listing that might have also contributed to the immediate downturn.

🇮🇳 ICICI Bank: A 'Consistent Compounder' That Doesn't Disappoint (Seeking Alpha) $ 🗃️

• ICICI Bank (NYSE: IBN) - MNC bank & financial services. Wide range of banking & financial services for corporate & retail customers. 🇼 🏷️

🇮🇳 Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th (Smartkarma) $

• After two challenging months, Ola Electric Mobility Ltd (NSE: OLAELEC / BOM: 544225)’s October sales rebounded strongly, driven by strong festive demand and deep discounts.

• The company appears to have effectively managed its after-sales complaints crisis, easing investor concerns ahead its 90-day lock-up expiry on November 5th.

• Ola Electric (OLAELEC IN)'s upside and path to profitability relies on increasing electric bike adoption, improving margins through in-house cell manufacturing, and leveraging PLI incentives.

🇮🇳 TBO Tek Lockup Expiry - US$770m Lockup Expiry, PE Investor Is up >2.5x in 1-2 Years (Smartkarma) $

• TBO Tek Ltd (NSE: TBOTEK / BOM: 544174) was listed in India on 15th May 2024 after raising US$186m. Its six-month lockup will expire on 9th Nov 2024.

• TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.

• In this note, we will talk about the lock-up dynamics and updates since our last note.

🇮🇳 Swiggy IPO: The Bull Case (Smartkarma) $

• Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.4 billion at a valuation of US$11.3 billion.

• Unlike Zomato Limited (NSE: ZOMATO / BSE: ZOMATO)’s (the key competitor) multi-app approach, Swiggy’s approach is to provide users with an integrated app offering.

• The bull case rests on strong customer retention, food delivery hitting break-even, Instamart’s rapid growth and declining losses, and Out-of-Home Consumption’s strong growth and declining losses.

🇮🇳 Swiggy IPO: The Bear Case (Smartkarma) $

• Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.4 billion through an IPO at a price range of Rs371-390.

• In Swiggy IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.

• The bear case rests on food delivery and Instamart's lagging Zomato Limited (NSE: ZOMATO / BSE: ZOMATO) on key metrics, ongoing losses, and cash burn.

🇮🇳 Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable (Smartkarma) $

• Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.

• Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.

• We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.

🇮🇳 LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum (Smartkarma) $

• LG Electronics India posted strong profit growth for FY24, reinforcing its leadership in India’s booming consumer durables sector—making now an ideal window for an IPO in India.

• The company reportedly aims to raise USD1-USD1.5 billion early next year, potentially valuing its Indian operations at over USD10 billion.

• With government initiatives improving housing quality, electrification, and water access, white goods penetration is set to rise, supporting future demand growth.

🇮🇳 The Beat Ideas: GMR Power & Urban Infra Limited- The Surprising Star in GMR Group’s Portfolio (Smartkarma) $

• GMR Power and Urban Infra Limited (NSE: GMRP&UI / BOM: 543490) emerged post-demerger, focusing on energy, smart metering, and urban infra sectors.

• The company’s smart metering and hydro-power projects are key growth catalysts, providing significant future revenue potential.

• GPUIL's diversification strategy and strategic alliances may redefine its long-term growth trajectory and shareholder value creation.

🇮🇳 The Beat Ideas: Tanfac Limited- Capex, 2x Capacity (Smartkarma) $

• Anupam Rasayan India (NSE: ANURAS / BOM: 543275) bought 25% stake in the company from Aditya Birla group in 2022 for their backward integration.

• Company invested Rs 102 crore to double its AHF capacity.

• The financials and Balance Sheet of the company is strong to sustain the margins as well as satisfy the growing demand of Fluorochemicals.

🇲🇺 Alphamin: Cheap And Unloved But Still Among Our Highest Conviction Positions (Seeking Alpha) $ 🗃️

• Alphamin Resources Corp (CVE: AFM / FRA: 21L / JSE: APH / OTCMKTS: AFMJF) - Production & sale of tin concentrates. Bisie tin mine in the Democratic Republic of Congo. 🇼

🇳🇱 🇿🇦 Prosus: Still A Buy Despite The Rally (Seeking Alpha) $ 🗃️

• Prosus (AMS: PRX / JSE: PRX / OTCMKTS: PROSY / OTCMKTS: PROSF / ETR: 1TY) - Global investment group that invests & operates across sectors & markets with long-term growth potential. Majority-owned by South African MNC Naspers (JSE: NPN / FRA: NNWN / OTCMKTS: NPSNY). 🇼 🏷️

🇿🇦 Naspers: A 'Double Discount' And So Much More (Seeking Alpha) $ 🗃️

🇿🇦 Naspers: Still A NAV Discount (Seeking Alpha) $ 🗃️

• Naspers (JSE: NPN / FRA: NNWN / OTCMKTS: NPSNY) - Global internet group & one of the largest technology investors in the world. 🇼 🏷️

🇿🇦 Calgro: Single-Digit PE For High Double-Digit E Growth (Seeking Alpha) $ 🗃️

• Calgro M3 Holdings (JSE: CGR / FRA: 5C2 / OTCMKTS: CLMHF) - Property & related investment company that specialises in the development of Integrated Residential Developments & Memorial Parks. 🏷️

🇿🇦 Renergen half year loss widens but it repaid and renegotiated another loan ahead of Nasdaq listing plan (IOL)

• Renergen (JSE: REN / ASX: RLT / FRA: 9960 / OTCMKTS: RGNNF / RGNTF), owner of South Africa’s only onshore liquid natural gas (LNG) and helium facility and which is working on a Nasdaq listing, said yesterday its interim loss had increased by 55.2% to R67.5 million from a loss of R43.5m previously.

• The results for the owner the Virginia Gas Project (VGP) showed that its revenue increased 7.6% to R25.6m in the six months to end-August. The interim loss is more than double its six month revenue, but Renergen is at an early stage of its life, as helium production only started this year, while LNG production started last year.

🇿🇦 DRD Gold bets on a bright future with R10bn investment despite production dip (IOL)

• Currently, DRD Gold (NYSE: DRD) anticipates an output of approximately five tons of gold, but aims to enhance this figure to six tons as part of its ambitious strategy. The projected dip in production is attributed to delays around the commissioning of new reclamation sites at its Ergo operations, yet leadership insists that this will not deter their vision for growth.

• DRDGold chairman Tim Cumming, and CEO Niël Pretorius, said in the company’s annual report released this week that despite the production setback, 2024 was proving to be favourable for the company.

• “As an unhedged producer, we enjoyed the full benefit of the higher gold price of R1 248 679 per kilogram received over the year. This increased year-on-year revenue by 14% to R6.2bn,” they said.

🇿🇦 Implats optimistic of PGM outlook, with Zimbabwe units on strong footing (IOL)

• Impala Platinum Holdings (JSE: IMP / LON: 0S2J / FRA: IPHB / OTCMKTS: IMPUY / IMPUF)’s units in Zimbabwe are on firm footing, with its majority owned Zimplats (ASX: ZIM / OTCMKTS: ZMPLF) set to benefit from improved processing capacity and the Mimosa joint venture operation with Sibanye Stillwater Ltd (NYSE: SBSW) raising production by 7% in the quarter to September.

• Zimplats commissioned a solar project during the period under review while it now also has an enlarged furnace complex.

🇿🇦 Shoprite shares surge following double-digit first quarter sales growth (IOL)

• Shoprite Group (JSE: SHP)’ share price increased up to 4.2% on the JSE yesterday after it reported increased sales by 10.4% in its first quarter to end-September 2023, over the same time last year.

• The sales increase is strong considering sales rose by 12% in the group's 2024 financial year to end end-June to R240.7 billion, driven by their core South African supermarkets segment, while yesterday, Shoprite's nearest rival Pick 'n Pay (JSE: PIK / FRA: PIK) reported only a 3.7% increase in turnover in the 26 weeks to the end of August.

🇿🇦 Pick n Pay sees “encouraging progress” in turnaround in spite of widening losses (IOL)

• The Pick 'n Pay (JSE: PIK / FRA: PIK) is making “encouraging progress” on its turnaround, including a forecast 50% full-year decline in trading losses from its core Pick n Pay Supermarkets segment, and the worst of the group losses were behind it, CEO Sean Summers said yesterday.

• South Africa’s second biggest grocery chain’s loss for the 26 weeks to August 25 widened 44.8% to R827.4 million and the headline loss per share weakened further by 16.3% to 136.60 cents, down from 117.48 cents.

• A turnaround strategy is underway that included a recapitalisation by way of rights issue and the proposed listing of Boxer, as well as the closure or conversion of some loss-making stores.

🇿🇦 Boxer Retail’s R8bn JSE listing likely to meet investor appetites (IOL)

• The listing of discount grocery chain Boxer Retail this year is likely to be well received by JSE investors and will likely raise up to R8 billion towards the turnaround plans of its parent Pick 'n Pay (JSE: PIK / FRA: PIK) , market analysts said yesterday.

• Pick n Pay yesterday provided some details of its plans to list Boxer, and although full details around pricing are only expected to be released in a pre-listing statement, the group said the base size of the IPO would likely be towards the upper end of its earlier guidance of between R6bn and R8bn.

🇵🇱 After The Strong Run, InPost Is Not A Buy Anymore (Seeking Alpha) $ 🗃️

• InPost (AMS: INPST / LON: 0A6K / FRA: 669) - Specializes in parcel locker service + courier, package delivery & express mail service. 🇼

🇦🇷 Loma Negra: A Great Opportunity To Take Advantage Of The Argentine Economic Cycle (Seeking Alpha) $ 🗃️

• Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA) - Production & commercialization of cement in Argentina. 🇼 🏷️

🇧🇷 Nu Holdings: Exceptional Investment Opportunity In Emerging Markets (Seeking Alpha) $ 🗃️

• Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼

🇧🇷 Banco Santander (Brasil) Q3: Good, But Not Good Enough For Me To Recommend Buying (Seeking Alpha) $ 🗃️

🇧🇷 Banco Santander (Brasil) Performs, But Market Fears Rate Volatility, Still A Buy (Seeking Alpha) $ 🗃️

• Banco Santander Brasil (NYSE: BSBR) - Various banking products & services to individuals, SMEs & corporate customers. Part of Spain based Santander Group. 🇼

🇧🇷 Petrobras Production Report Q3 2024: Oil Price Does Not Help And Neither Does Recent News (Seeking Alpha) $ 🗃️

• 🏛️ Petrobras (NYSE: PBR / PBR-A) - Explores, produces & sells oil & gas. 🇼

🇧🇷 Ambev And Its Real Value (Seeking Alpha) $ 🗃️

• Ambev (NYSE: ABEV) - Brazilian brewing company now merged into Anheuser-Busch Inbev SA (NYSE: BUD). 🇼

🇨🇱 Enel Chile: The Case For Dividends Persists, But Watch Closely (Seeking Alpha) $ 🗃️

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

🇲🇽 America Movil: Business Improving But Cash Is Crunched (Seeking Alpha) $ 🗃️

• America Movil SAB de CV (NYSE: AMX) - Leading Latin America telecommunication service provider. 🇼 🏷️

🇲🇽 Grupo Bimbo's Ongoing Issues In The U.S. Drive A Pretty Stale Outlook (Seeking Alpha) $ 🗃️

• Grupo Bimbo SAB de CV (BMV: BIMBOA / FRA: 4GM / OTCMKTS: GRBMF / BMBOY) - Largest baking company in the world & a relevant participant in snacks. 🇼 🏷️

🇲🇽 Coca-Cola FEMSA: Impressive Growth Amid Headwinds (Seeking Alpha) $ 🗃️

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

🇵🇦 Bladex Continues To Grow But Warns Of Higher Competition, Still A Buy (Seeking Alpha) $ 🗃️

• Banco Latinoamericano (NYSE: BLX) or the Foreign Trade Bank of Latin America or Bladex - Founding shareholders were the Central Banks & government entities of 23 countries in the region. Specialized in addressing trade finance needs. 🇼 🏷️

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📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Archived article

🇨🇳 BSE 50 leaps 119% in a month driven by speculation fever (Caixin) $

• The Beijing Stock Exchange 50 Index closed up 3.68% Tuesday after rising more than 5.5% earlier in the day, with a surge in trading volume to 53.3 billion yuan ($7.47 billion), the second highest since the exchange’s launch in 2021.

• The surge follows a volatile period in Chinese markets, marking a rapid recovery in smaller stocks despite broader market challenges. Analysts attributed the rally to speculative interest in small-market stocks, improved market sentiment and expectations of regulatory reforms.

🇨🇳 In Depth: China’s restaurant chains may be biting off more than they can chew overseas (Caixin) $

• With competition at home squeezing profits, a growing number of Chinese restaurateurs are looking overseas for fresh opportunities. But there are many challenges on the road to success abroad, not least the logistical and cultural hurdles.

• “Everyone around me is going abroad,” a restaurant owner told Caixin. This surge has spawned a rash of culinary delegations and research groups exploring foreign opportunities.

🇨🇳 China piles pressure on rich people and companies to cough up taxes (FT) $ 🗃️

• Authorities rush to find ways to fill government coffers depleted by property sector slump

🇨🇳 Local government has become a chokehold for Chinese business (FT) $ 🗃️

• Beijing is promising change, but it comes at an unsettling price

• The writer is professor of law at the University of Southern California and author of ‘High Wire: How China Regulates Big Tech and Governs Its Economy’

🇨🇳 Chart of the Day: Chinese regions remain at risk of missing growth targets (Caixin) $

• Most of the 31 provincial-level governments on the Chinese mainland lagged behind their annual GDP growth targets in the first nine months of the year, although just over half beat the country’s overall expansion rate of 4.8%, Caixin calculations based on government data show.

• The island province of Hainan in southern China registered the largest shortfall, with growth of just 3.2%, less than half of its annual goal of 8%. The 4.8-percentage-point gap was the biggest among the provincial-level regions, with Heilongjiang and Shanxi, the second-worst performers, missing their full-year targets by 3.2 percentage points.

🇨🇳 China Seeks a Baby Boom With a Raft of Family-Friendly Measures (Caixin) $

• China on Monday announced new policy measures to boost fertility, support child-rearing and promote a child-friendly society as it grapples with a declining birth rate and an aging population.

• In 2023, only 9.02 million babies were born nationwide, the lowest number since 1949, marking two consecutive years of negative population growth. Meanwhile, more than 20% of the population is now over 60 years old, making China a moderately aging society.

🇨🇳 Is China investible? (Investing in China)

• Unique Advantages and the Shifting Dynamics of Competition

• One question I get asked all the time is, “Is China investable?” It’s a topic that ignites passionate debates, backed by both solid reasoning and some misconceptions. But here’s the thing: framing the question so broadly oversimplifies a complex issue. Assessing whether China is investable isn’t a simple “yes” or “no” proposition; it’s as individualized as deciding whether taking a vitamin D supplement is right for you. The answer depends entirely on your specific circumstances, risk tolerance, and personal insights—just like any investment decision involving Chinese stocks.

🇲🇴 Macau to continue solid economic expansion: Fitch (GGRAsia)

• Fitch Ratings Inc expects Macau to report “solid economic expansion” in 2024 and 2025, “albeit at a more moderate pace” than previously seen. The institution forecasts the city’s gross domestic product (GDP) to grow by “15 percent” year-on-year this year, followed by 8 percent expansion next year, according to a Tuesday report.

• “This will be supported by the ongoing revival in the gaming tourism sector, expanded handling capacity and favourable policy initiatives,” wrote analysts George Xu and Jeremy Zook.

🌏 Disputes in South China Sea could disrupt trade lanes, lead to war, experts say (FreightWaves)

• Researchers at Duke University calculated that total trade through both the South China Sea and the East China Sea — which lies between China, North and South Korea, and Japan, is worth $7.4 trillion per year. 

• About 24% of global maritime trade passed through the South China sea in 2023, according to the United Nations’ 2024 review of maritime transport.

• The South China Sea’s share of global seaborne trade volume per commodity in 2023 included crude oil (45%), propane (42%), cars (26%) and dry bulk (23%).

🇿🇦 South Africa cuts growth target as economic reality bites (FT) $ 🗃️

• Lower GDP projection comes despite coalition’s charm offensive to win over foreign investors

🌎 Map - Do Latin American countries prefer Trump or Harris? (Latin America Risk Report)

• Explaining the map I previewed yesterday.

🌐 Escobar: BRICS Make History - Can They Maintain The Momentum? (ZeroHedge)

• The rippling effects of BRICS 2024 in Kazan will be perceived for weeks, months and years ahead. Let’s start with the breakthroughs.

🌐 Brics and the Bandung Effect (Energy Intelligence)

• The 2024 Brics summit is now in the books. To better understand its significance, one should turn back the pages of history and reflect on the lessons of the past. The 1955 Bandung Conference stands out in this regard, not only because it provides the proper historical foundation for the modern-day Brics phenomenon, but also because the underlying principles of that gathering never went away.

• In this, it is helpful to reflect on the Bandung Conference of 1955, where a gathering of 29 Asian and African nations set in motion geopolitical changes that hastened the end of the colonial era — a process that ended up taking more than 20 years to accomplish.

🌐 Special Episode | Destabilizing The Existing Global Order (The Rock and Turner Investment Podcast) 16:18 Minutes

• Join us as we break down the diverse motivations driving each member, the potential impacts on the global order, and what this push for a more multipolar world could mean for the future.

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📅 Earnings Calendar

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

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📅 Economic Calendar

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

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🗳️ Election Calendar

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

• Sri Lanka Sri Lankan Parliament Nov 14, 2024 (t) Confirmed Aug 5, 2020

• Uruguay Uruguayan PresidencyNov 24, 2024 (d) ConfirmedOct 27, 2024

• Romania Romanian Presidency Nov 24, 2024 (d) Confirmed Nov 24, 2019

• Slovenia Referendum Nov 24, 2024 (d) Confirmed Jun 9, 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

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📅 Emerging Market IPO Calendar/Pipeline

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

ALE Group Holding Limited ALEH EF Hutton, 1.3M Shares, $4.00-6.00, $6.3 mil, 11/4/2024 Week of

We are a holding company incorporated in the BVI with all of our operations conducted in Hong Kong by our wholly owned subsidiary, ALE Corporate Services Ltd., also known as ALECS. (Incorporated in the  British Virgin Islands)

We provide accounting and corporate consulting services to small and medium-sized businesses. Our services include financial reporting, corporate secretarial services, tax filing services and internal control reporting. Our business is operated through our wholly owned subsidiary, ALE Corporate Services Ltd. (ALECS), a Hong Kong company incorporated on June 30, 2014. Our goal is to become a one-stop solution for all the accounting, corporate consulting, taxation and secretarial needs of small and medium enterprises operating in Asia and the U.S.

**Note: Net income and revenue figures are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024. 

(Note: The company disclosed that E.F. Hutton was named the sole book-runner – replacing Prime Number Capital – according to an F-1/A filing dated March 26, 2024.)

Creative Global Technology Holdings Limited CGTL Benjamin Securities, 1.3M Shares, $4.00-5.00, $5.6 mil, 11/4/2024 Week of

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.)

Ming Shing Group Holdings MSW Alexander Capital/ Revere Securities, 1.5M Shares, $5.50-7.50, $9.8 mil, 11/4/2024 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.)

Park Ha Biological Technology Co. Ltd. PHH Dawson James Securities/ EF Hutton, 1.2M Shares, $5.00-7.00, $7.0 mil, 11/4/2024 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.) 

Wing Yip Food Holdings Group Limited WYHG Dawson James Securities/ EF Hutton, 2.1M Shares, $4.00-5.00, $9.2 mil, 11/4/2024 Week of

(Note: The prospectus calls this offering a U.S. initial public offering of American Depositary Shares, which is proposed as a NASDAQ listing. The company’s ordinary shares already trade on the Korea Exchange under the symbol “900340” – according to the prospectus. For that reason, IPOScoop views this offering as a NASDAQ uplisting.)

Through the operating subsidiaries in mainland China, we are one of the notable meat product processing companies in mainland China. (Incorporated in Hong Kong)

According to the industry report produced by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. (“Frost & Sullivan”), whom we commissioned in October 2023: In fiscal year 2022, based on retail sales of cured meat products in mainland China, we ranked second with a market share of 9.2 percent. As of the date of this prospectus, our products are primarily marketed and sold across 18 provinces in mainland China through 7 self-operated stores; 72 distributors, including major retail outlets and supermarkets, and 7 e-commerce platforms, including one platform owned by us.

The operating subsidiaries are primarily engaged in the processing, sales and distribution of i) cured meat products, including cured pork sausages, cured pork meat and other cured meat products, such as cured chicken, cured duck and cured fish; ii) snack products, including ready-to-eat sausages, jerky, duck necks, duck feet and clay pot rice; and iii) frozen meat products, including frozen sausages, frozen beef patties and frozen chicken breast fillets.

We, through the operating subsidiaries, sell and market our products under our flagship brand “Wing Yip” (“荣业”), which can trace its history back to 1915, when our predecessor business began processing and selling cured sausages under the name “Wing Yip” (“荣业”). Since the commencement of operations through our subsidiary, Wing Yip GD in 2010, we have continuously developed our business and built our brand. In addition to “Wing Yip” (“荣业”), we have also developed the snack product brands “Jiangwang” (“匠王”) and “Kuangke” (“狂客”).

Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the fiscal year that ended Dec. 31, 2023.

(Note: Wing Yip Food Holdings Group Limited slightly increased its IPO’s size to 2.05 million ADS – up from 2.0 million ADS – and kept the price range at $4.00 to $5.00 – to raise $9.23 million, according to an F-1/A filing dated Sept. 4, 2024. Background: Wing Yip Food Holdings Group Limited cut its U.S. IPO’s size to 2.0 million ADS – down from 2.5 million ADS – and kept the price range at $4.00 to $5.00 to raise $9 million – in an F-1/A filing dated Sept. 3, 2024. In that Sept. 3, 2024, filing with the SEC, Wing Yip Food Holdings Group disclosed that Dawson James Securities and EF Hutton are the joint book-runners, replacing Kingswood.)

(Background: Wing Yip Food Holdings Group Limited disclosed in an F-1/A filing dated July 25, 2024, that it has named Kingswood as its sole book-runner to replace EF Hutton. Background: Wing Yip Food Holdings Group Limited disclosed terms for its U.S. IPO of ADS in an F-1/A filing dated May 20, 2024: The company is offering 2.5 million American Depositary Shares (ADS) at a price range of $4.00 to $5.00 to raise $11.0 million. Two ADS represent three ordinary shares, the prospectus says. Note:  The company’s ordinary shares trade on the Korea Exchange (KRX) under the symbol “900340” and for that reason, we view this offering as a NASDAQ uplisting. Background: Wing Yip Food Holdings Group filed its F-1 on March 6, 2024, without disclosing terms for its “U.S. initial public offering” of American Depositary Shares (ADS). The Chinese company submitted confidential IPO documents to the SEC on Nov. 28, 2023.)

Jinxin Technology NAMI Craft Capital Management/ WestPark /R.F. Lafferty & Co., 1.9M Shares, $4.00-5.00, $8.4 mil, 11/15/2024 Week of

(Incorporated in the Cayman Islands)

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

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

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

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

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

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

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

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

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

(Note: Jinxin Technology Holding Company unveiled the terms for its IPO – 1.88 million American Depositary Shares – or  1,875,000 ADS – at a price range of $4.00 to $5.00 – to raise $8.44 million, according to an F-1/A filing dated Aug. 19, 2024. Each ADS represents 33.75 million ordinary shares. Background: Jinxin Technology filed its F-1 on Aug. 10, 2023 – about five months after submitting its confidential IPO documents to the SEC on March 24, 2023.)

Brazil Potash Corp. GRO Cantor/ Bradesco BBI/ Freedom Capital Markets/Roth Capital Partners, 4.3M Shares, $15.00-18.00, $70.1 mil, 11/18/2024 Week of

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 year that ended Dec. 31, 2023. 

(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.)

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🏁 Emerging Market ETF Launches

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

• 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

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🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 07/27/2024 - iPath GEMS Asia 8 ETN - AYTEF

• 05/23/2024 - Defiance Israel Fixed Income ETF - CHAI

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Emerging Market Links + The Week Ahead (November 4, 2024) was also published on our website under the Newsletter category.

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