Emerging Market Links + The Week Ahead (October 21, 2024)
BRICS Summit (+ creating a parallel SWIFT system), Chinese AI-Apps look abroad, East Asia at demographic tipping point, expected returns for EMs, EM stock picks & the week ahead for emerging markets.
Just a couple of quick pieces of news or notes that does not seem to be getting much attention in Western corporate or non-alternative media (but might be worth paying attention to):
Russia is holding the 16th BRICS Summit in Kazan - creating a parallel SWIFT system to break U.S. dollar dominance and make countries sanction proof appears to be a key order of business. Some in the alternative media space are already saying Kazan will go down in history the same way Bretton Woods (an otherwise little known resort area in northern NH) has.
A former Target executive has said in an interview "it's very clear that [American] consumers are running out of money…” [🎥] while Wall Street is also said to be going "all-in on Trump…"
China has completed yet another military blockade exercise completely surrounding Taiwan while North Korea has blown up sections of roads and rail lines linking it to South Korea (among other reports of unusual activity…).
Russian troops are closing in on a vital industrial asset: a Ukrainian coal mine that's a cornerstone of the country's steel industry (European financial institutions, and especially British banks, seem to have outsized exposure to all sorts of Ukrainian debt…).
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇰🇷 Korean Stock Picks (September 2024) Partially $
Stocks covered: Samsung Engineering, Kumyang Co Ltd, Korea Zinc, Young Poong Precision Corporation (Korea Zinc Affiliate), KEPCO Plant Service & Engineering Co Ltd, LIG Nex1 Co, Samyang Foods Co Ltd, SK Biopharmaceuticals, SK Hynix, Meritz Financial Group, Celltrion, SK Telecom, Gravity Co Ltd, Shift Up Corp, Nexon Games, Hanwha Galleria, Kangwon Land, Chunbo Co Ltd, Samsung C&T Corp, SK Inc, Hojeon Ltd, Ecopro HN, Hanmi Pharma & Samsung Securities
EM Fund Stock Picks & Country Commentaries (October 20, 2024) Partially &
Finding quality Asian stocks, justification for Indian valuations, Sri Lanka trip report, new scramble for Africa, investor home bias, index exclusion (Bahamas case), investment trust conferences, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 BYD (1211 HK) Quick Note: Company and Industry Sales Up by 46% YoY and 51% YoY (Smartkarma) $
BYD Company (HKG: 1211 / SHE: 002594 / OTCMKTS: BYDDY / BYDDF)’s deliveries growth accelerated to 36% YoY in Aug and 46% YoY Sep.
The whole domestic NEV (New Energy vehicle) market has been accelerating for for the entire third quarter.
We believe the EU and the US market are not concerns, as both domestic and other emerging markets are promising.
🇨🇳 🇨🇱 Exclusive: China’s Ganfeng and Minmetals bid for stake in Chilean lithium salt flat (Caixin) $
China’s lithium giant Ganfeng Lithium Group (SHE: 002460 / HKG: 1772 / OTCMKTS: GNENY / GNENF) and state-owned mining major China Minmetals Corp. are among the bidders vying for a stake in one of Chile’s top salt flats, sources familiar with the matter told Caixin.
Chile’s state-run mining company Codelco is seeking a partner to develop a new lithium project in Maricunga salt flat set to start production in 2030. A shortlist of first-round candidates is expected soon, though it may not be disclosed publicly, Caixin has learned.
🇨🇳 Old E-Commerce Names Are The Biggest Winners of New Stimulus (Smartkarma) $
China consumption shows rebounding demand following appreciation in asset values and home appliance subsidies. A record number of parcels were delivered last week, while home appliance sales grew rapidly;
We’ve raised 4Q estimates for online shopping growth given the recent demand trends which we expect to sustain through the quarter, so long as stimulus remains forthcoming;
JD.com (NASDAQ: JD) and Alibaba (NYSE: BABA) remain our top ecommerce picks given their exposure to recent home appliance subsidies, as well as benefiting from a longer-term improvement in consumer sentiment.
🇨🇳 Tencent may join forces for Ubisoft bid (Bamboo Works)
The Chinese Internet giant and the Guillemot family are reportedly exploring a joint buyout of French game developer Ubisoft Entertainment SA (EPA: UBI / FRA: UEN / OTCMKTS: UBSFF), which has been hit by fierce competition and the delayed game release
Ubisoft’s share price fell to a 10-year low in September due to poor sales and the delayed release of “Assassin’s Creed Shadows”
Guillemot and Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / OTCMKTS: TCEHY), holding 20.5% and 9.2% of Ubisoft voting rights respectively, would be acting in concert for a potential buyout
🇨🇳 VNET gets vote of confidence amid deepening AI focus (Bamboo Works)
HSBC upgraded its rating on the data center operator to ‘buy,’ citing its focus on building up its artificial intelligence capabilities
HSBC upgraded its rating on VNET Group Inc (NASDAQ: VNET) to “buy” from “hold” and more than doubled its target price for the company’s stock
The bank highlighted the data center operator’s attention to artificial intelligence as it shifts its focus to customized services
🇨🇳 When will profits arrive for RoboSense? (Bamboo Works)
The maker of autonomous driving LiDAR technology reported sequentially improving sales in its operating data for the first nine months of this year
RoboSense Technology (HKG: 2498)’s unit sales for its LiDAR products have grown sequentially for three consecutive quarters
Investors may worry about the stock’s volatility since its trading debut in January
🇨🇳 China Oriental Group eyes green escape from overheated steel furnace (Bamboo Works)
The company hopes to revive its prospects through two new joint ventures with ArcelorMittal SA (NYSE: MT), as it suffers from weak demand and oversupply in China’s steel industry
China Oriental Group Co Ltd (HKG: 0581 / FRA: ORG / OTCMKTS: CUGCY / CUGCF)’s shares fell after its announcement of a new $2.7 billion green initiative in partnership with global steel giant ArcelorMittal
The domestically focused private steelmaker is suffering from sluggish demand from property and infrastructure builders in its home China market
🇨🇳 Anta Sports (2020 HK): Healthy in Financials, Leader in Market, But High in Price (Smartkarma) $
ANTA Sports Products (HKG: 2020 / FRA: AS7 / OTCMKTS: ANPDY / OTCMKTS: ANPDF) top line outperformed competitors, both overseas and domestic brands, in China.
We believe all margins will be stable and EPS will rise by 41% in 2024.
However, we believe Anta is overvalued at the current price.
🇨🇳 Oriental Rise serves up steamy IPO for tea lovers (Bamboo Works)
The white tea cultivator’s shares jumped 50% in their trading debut on the Nasdaq, as it floated a compelling expansion story for investors
Oriental Rise Holdings (NASDAQ: ORIS)’s shares posted strong gains in their Nasdaq trading debut, as the company raised a relatively modest $7 million
The company will use IPO proceeds to help fund a major expansion that will boost its land area under cultivation by 50%
🇨🇳 Beijing Capital Grand (1329 HK): An Offer from Beijing Capital Land? (Smartkarma) $
Beijing Capital Grand (HKG: 1329) entered a trading halt based on the Hong Kong Code on Takeovers and Mergers.
It is likely that Beijing Capital Land Ltd H (2868 HK), the largest shareholder, is launching an offer primarily to acquire the stake from Sino-Ocean Group Holding Ltd (HKG: 3377 / FRA: 3SD) receivers.
As this is a forced sale, an offer of around HK$0.70-0.75, a 20%- 30% premium to the last close, would be sufficient to gain an irrevocable from the receivers.
🇨🇳 CR Sanjiu (000999.CH) To Acquire Tasly (600535.CH) Update - This Is Already a Done Deal (Smartkarma) $
China Resources Sanjiu Medical & Pharmaceutical Co Ltd (SHE: 000999)
Since Tasly Pharmaceutical Group Co Ltd (SHA: 600535)'s performance growth has long stagnated and Yan Kaijing has no better way to turn the situation around, selling Tasly to SOE and cashing out becomes a good choice.
Upon completion of all approvals (e.g. the SASAC, SAMR, shareholders' meeting of CR Sanjiu, etc.), the deal aims to be completed in 25Q1. We think the deal will get up.
Tasly’s share price should be at least higher than RMB14.85/share based on the cash transfer price. Its P/E would reach 30 in the future after the integration with CR Sanjiu.
🇨🇳 Legend Biotech (LEGN.US) Offer Update - Is the Deal Really Dead? (Smartkarma) $
We do not want to make a premature conclusion about this acquisition too early. For both Legend Biotech (NASDAQ: LEGN) and Genscript Biotech Corp (HKG: 1548 / FRA: G51 / OTCMKTS: GNNSF), this acquisition is worth considering, given the geopolitical risks.
There could be difference in expectations between buyers and sellers regarding the acquisition price. For fear of losing their jobs, Legend Bio's management may not be happy about being acquired.
Considering the high uncertainty, our suggestion is that investors spend more time on the fundamentals of Legend Bio, rather than just betting on the success of the acquisition.
🇨🇳 WuXi AppTec mulls gene unit sale to soften U.S. legal blow (Bamboo Works)
Market talk is swirling that WuXi AppTec Co (HKG: 2359 / SHA: 603259 / OTCMKTS: WUXAY) may be preparing to shed its cell and gene therapy business to limit potential exposure to U.S. biosecurity legislation
The drug services giant could mitigate the law’s impact by selling off its fledgling advanced therapy business, WuXi ATU
The U.S. biosecurity measures were not folded into wider defense legislation for swifter passage and are unlikely to enter the statute books this year
🇭🇰 Hongkong Land: A Dividend Engine At A 71% Discount To NAV (Seeking Alpha) $ 🗃️
🇭🇰 AIA Is Back Stronger (Seeking Alpha) $ 🗃️
🇭🇰 Queen's Road Capital: After Three Years, Now It's Time To Revisit This Compelling Investment (Seeking Alpha) $ 🗃️
Queen’s Road Capital Investment Ltd (TSX: QRC) [financier to the global resource sector]
🇲🇴 Sands China 2025 venue EBITDAR to rise 17pct y-o-y: JPM (GGRAsia)
Brokerage JP Morgan Securities LLC has suggested that Las Vegas Sands (NYSE: LVS)’s 2025 property-level Macau earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) could rise 16.6 percent year-on-year.
The forecast was included in a Tuesday note on Las Vegas Sands, parent of Macau operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF).
JP Morgan said it expected the 2025 figure to be nearly US$2.77 billion, compared to more than US$2.37 billion for full-year 2024.
🇲🇴 LVS recovery staying ahead of cash outflow: Moody’s (GGRAsia)
Casino group Las Vegas Sands (NYSE: LVS) retained cash flow to net debt ratio could rise to 33.0 percent in the next 12 to 18 months, from 28.8 percent in the 12 months to June, said Moody’s Investors Service Inc in a recent note.
Post-pandemic recovery of business meant that retained cash flow should hold up, even amid dividend payments, indicated Moody’s.
The ratings house noted: “LVS has historically returned a significant amount of capital to its shareholders.
🇰🇷 KB Financial: 'Korea Discount' Not Closing, But Fundamentals Are Superior (Seeking Alpha) $ 🗃️
KB Financial Group (NYSE: KB)
🇰🇷 Align Partners Goes Activist on Doosan Bobcat (Douglas Research Insights) $
On 18 October, a local activist fund Align Partners Asset Management started its "corporate activism" on Doosan Bobcat (KRX: 241560).
Align Partners sent a shareholder proposal letter requesting a significant increase in the shareholder return rate, including dividends and selling off non-core assets.
We believe that Align Partners' corporate activism on Doosan Bobcat is likely to have a positive impact on Doosan Bobcat's share price.
🇰🇷 Scenario Analysis of Korea Zinc's Share Buyback, Cancellation, and Tender Offer + NPS's Five Options (Douglas Research Insights) $
We discuss the next steps in the fight for the control of Korea Zinc (KRX: 010130), after the completion of the tender offer by the MBK Partners and Young Poong Precision Corporation (KOSDAQ: 036560) alliance.
After the tender offer, MBK and Young Poong's stake in Korea Zinc increased from 33.13% to 38.47%, coming close to more than half of the voting rights.
We continue to believe that at current stage, MBK/Young Poong alliance has the advantage in the fight for the control of Korea Zinc.
🇰🇷 Korea Zinc's 2.4% Treasury Shares - Devil Is In the Legal Loophole (Douglas Research Insights) $
Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of '6 months after treasury shares acquisition.
It would be nearly impossible for Korea Zinc (KRX: 010130) to sell 2.4% of its treasury stock to an external friendly force and transform it into a friendly stake by February 2025.
Although MBK Partners/Young Poong Precision Corporation (KOSDAQ: 036560) Alliance has the advantage right now in this M&A battle for Korea Zinc, it is by no means over.
🇰🇷 FCP Capital Sends a Proposal to KT&G to Buy Korea Ginseng Corp for 1.9 Trillion Won (Douglas Research Insights) $
On 14 October, FCP Capital sent a proposal to KT&G Corp (KRX: 033780) to purchase Korea Ginseng Corp for 1.9 trillion won.
Although KT&G stated that it has no intentions to sell Korea Ginseng Corp, this proposal highlights the ongoing pressure by FCP Capital to improve further value in KT&G.
The 1.9 trillion won in proposed purchase price is higher than the 1.2 trillion won to 1.3 trillion won that KT&G revealed as the intrinsic value of Korea Ginseng Corp.
🇰🇷 CK Solution IPO Preview (Douglas Research Insights) $
CK Solution is getting ready to complete its IPO in KOSPI in November. Its IPO price range is from 15,700 won to 18,000 won.
The IPO offering amount ranges from 49.4 billion won to 56.6 billion won. The book building for the institutional investors lasts from 4 to 8 November.
CK Solution specializes in dry room system for the rechargeable batteries manufacturing process. Rechargeable battery sector accounted for 92.9% of total sales in 1H 2024 followed by semiconductor (3.1%).
🇰🇷 K Bank IPO Bookbuilding: To Price Lower than Low IPO Price Range or Even Potential Cancellation (Douglas Research Insights) $
Chosun Business Daily mentioned that K Bank IPO book building results among institutional investors have been very poor so far.
As a result, the bankers and K Bank are currently considering on potentially reducing the IPO price to about 8,500 won or even cancelling the IPO altogether.
Our base case valuation of K Bank is target price of 9,151 won per share. Even if the IPO is priced at 8,500 won, we would pass on this IPO.
🇰🇷 Kangwon Land Inc outlines plan to raise corporate value (GGRAsia)
Kangwon Land Inc, operator of Kangwon Land (KRX: 035250) – the only casino in South Korea that allows local residents to gamble – has announced a plan aimed at boosting its corporate value. The company revealed on Wednesday that it plans to reach a total shareholder payout ratio of 60 percent by 2026.
This goal will be achieved through a combination of increasing its dividend payout ratio to a minimum of 50 percent and launching a three-year share buy-back programme valued at an aggregate KRW100 billion (US$72.9 million). This initiative includes buy-backs of up to KRW40 billion this year – as announced last week – and a further KRW60 billion in buy-backs during the 2025-2026 period.
Among other objectives, Kangwon Land Inc aims to achieve a price-to-book (PBR) ratio of 1.2 times by 2026.
🇰🇷 Kangwon Land Inc to buy back US$30mln worth of its stock (GGRAsia)
Kangwon Land (KRX: 035250), operator of Kangwon Land (pictured in a file photo) – a resort with the only casino in South Korea open to locals – has decided to acquire some of its stock, a move aimed at “stabilising” its public share price and “improving shareholder value”, the company disclosed in a Friday filing to the Korea Exchange.
It followed a Thursday decision under which Kangwon Land Inc is to acquire a total of 2,405,292 units of its common stock – or approximately 1 percent of the company’s issued shares – at an anticipated cost of KRW40 billion (US$29.5 million), according to the filing and board meeting minute it also lodged with the bourse.
The buyback permission is capped at a daily limit of 320,442 units of common stock, the filing said.
🇵🇭 Asian Dividend Gems: Puregold Price Club (Asian Dividend Stocks) $
Puregold Price Club (PSE: PGOLD / OTCMKTS: PGCMF / PRGLY) has built an enormous moat in the Philippines around its hypermarket, supermarket, and discount/membership stores, which is evident on its steady growth in sales and profits amid challenging environment.
Puregold has attractive valuations. Puregold is trading at attractive valuations of 2.7x EV/EBITDA, P/E of 8.6x, and P/B of 0.9x, based on 2025 consensus earnings estimates.
In the next several years, the Philippines is expected to move into the upper middle-income economy which should have a positive impact on the consumption-led categories including supermarkets and hypermarkets.
🇸🇬 BitFuFu: Cloud Mining Is Powering Growth (Seeking Alpha) $ 🗃️
BitFuFu Inc (NASDAQ: FUFU / FUFUW) [Digital asset mining service and world-leading cloud-mining service provider]
🇸🇬 Wave Life Sciences: Positive WVE-006 Data For AATD Leads To 2025 Catalyst (Seeking Alpha) $ 🗃️
Wave Life Sciences Ltd (NASDAQ: WVE) [RNA medicines platform]
🇸🇬 iFAST’s Share Price Jumped 12% in 1 Month: Can Investors Expect This Momentum to Continue? (The Smart Investor)
Could the fintech outfit [iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)] be on the cusp of reporting much stronger results? Should investors consider taking a bite of its shares?
Strong earnings for 1H 2024
Hong Kong going strong
Can its digital bank breakeven?
Coming soon: ORSO ePension contributions
Get Smart: Dividends look set to rise
🇸🇬 Karooooo raises subscriber forecasts after strong second quarter earnings growth (IOL)
Karooooo (NASDAQ: KARO), the JSE and Nasdaq listed owner of Cartrack and 74.8% of Karooooo Logistics, is raising its subscriber forecast for its 2025 year after lifting year-on-year adjusted earnings a share 31% to R7.35 for the second quarter to August 31.
The company, which through its subsidiaries provides insights, real time data analytics and business intelligence predominantly on mobility assets, said yesterday that Cartrack's number of subscribers was now expected to be between 2.3 million and 2.4m, while previously the forecast was between R2.2m and R2.4m.
🇸🇬 Karooooo: An Overlooked GARP Gem (Seeking Alpha) $ 🗃️
🇸🇬 Karooooo Ltd.'s Q2 Earnings: Subscriber Growth Strong, But Revenue Stalls (Seeking Alpha) $ 🗃️
🇸🇬 CapitaLand Integrated Commercial Trust: Spotlight On Acquisitions And Divestment (Seeking Alpha) $ 🗃️
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF)
🇸🇬 Frasers Centrepoint Trust Will Report its FY2024 Earnings This Week: What Can Investors Expect? (The Smart Investor)
The REIT reporting season has arrived once again, with Parkway Life Real Estate Investment Trust (SGX: C2PU) and Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) reporting their latest business updates last week.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, is next in line to report its full fiscal 2024 (FY2024) earnings.
So, what can investors expect from FCT? Are there any areas that warrant greater concern?
A downbeat set of first-half earnings
Resilient operating metrics
A solid track record of acquisitions and AEIs
Get Smart: Healthy prospects for FY2025
🇸🇬 Wilmar International: a cheap way to buy exposure to food production (Bos Invest Substack)
Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY) is a complex company. Low valuation, hidden strategic holdings & a good dividend means great potential returns for investors.
Why Wilmar International is interesting in a couple bullet points:
Wilmar International is a leading agribusiness with very strong positions in palm oils and sugar.
Listed subsidiary Yihai Kerry Arawana worth more than entire market cap of Wilmar International.
at 10 times earnings & a 5.2% dividend yield the valuation is not demanding.
Wilmar International return on equity and investment are mediocre but its asset base is strong and of high quality. It seems unlikely we are buying at a cyclical peak here.
A potential inflection of earnings can cause a strong rerating of the stock.
ADM as a large shareholder decreases some of the potential governance issues to acceptable levels. Other large shareholders are branches of the Kuok family.
🇸🇬 Keppel: Study on Disclosure (Report 1) (Corporate Monitor)
[Property, infrastructure and asset management businesses] Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) has set for itself an ambitious metamorphosis - to transform from an industrial operator to a global asset manager. Like a caterpillar within a cocoon, key features of Keppel's progress are seemingly obscured. This report compares Keppel's current level of disclosure with the best practices of global asset managers, thereby outlining the challenges stakeholders face when assessing its progress.
🇸🇬 Can Singapore Exchange See an IPO Resurgence After This Year’s Dry Spell? (The Smart Investor)
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, is faced with an interesting situation.
On one hand, the bourse operator is seeing healthy interest in its commodity and currency derivatives, with volumes jumping by 42.1% year on year for its fiscal 2024 (FY2024) ending 30 June 2024.
But on the other hand, its cash equities market has been moribund.
Could SGX see a resurgence in IPO interest anytime soon? What more can be done for the bourse operator?
An unusually dry spell
Picking up the slack
2025 may be a better year
MAS sets up a task force
Get Smart: The stars need to align
🇸🇬 The 52-Week High List: 4 Singapore Stocks That Also Reported Strong Earnings Growth (The Smart Investor)
These stocks not only hit their 52-week highs but also reported good financial results to boot.
PEC Ltd (SGX: IX2 / FRA: QPE) is a plant and terminal engineering specialist providing project works and maintenance services for the oil and gas, petrochemical, oil and chemical terminals, and pharmaceuticals industries.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, is Singapore’s sole stock exchange operator.
Azeus Systems Holdings (SGX: BBW) is a provider of IT products and services and helps to design and implement a broad range of IT software and systems.
Tiong Woon Corporation Holding Ltd (SGX: BQM) is an integrated heavy lift specialist and service provider that supports the oil and gas, petrochemical, infrastructure, and construction sectors.
🇸🇬 Earnings Season Alert: 5 Singapore Blue-Chip Stocks That Could Report Higher Earnings (The Smart Investor)
With the earnings season around the corner, here are five blue-chip stocks that could turn in a bright report card.
Oversea-Chinese Banking Corp (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) is Singapore’s second-largest bank and offers a comprehensive range of banking, insurance, and investment services to individuals and corporations.
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT, is a retail and commercial REIT with a portfolio of 26 properties.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) is a global asset manager that provides solutions in the areas of infrastructure, real estate, and connectivity.
Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) is the owner and operator of the integrated resort (IR) at Resorts World Sentosa (RWS).
🇮🇳 MakeMyTrip: Lofty Valuation Leaves Little Room For Errors (Seeking Alpha) $ 🗃️
Makemytrip (NASDAQ: MMYT) [Wide range of travel services and products in India]
🇮🇳 Namaste India 🙏 | Catching up with Fashion (Smartkarma) $
In this Insight, we highlight industry and company-specific developments based on the annual reports of various companies related to the apparel industry.
The industry has encountered challenges, primarily due to a slowdown in demand and rising inflation. Most companies are now hoping for a turnaround.
Companies in Focus Aditya Birla Fashion and Retail Ltd (NSE: ABFRL / BOM: 535755), Arvind Fashions Ltd (NSE: ARVINDFASN / BOM: 542484), Vedant Fashions Ltd (NSE: MANYAVAR / BOM: 543463), Go Fashion (India) Ltd (NSE: GOCOLORS / BOM: 543401) and Credo Brands Marketing Ltd (NSE: MUFTI / BOM: 544058).
🇮🇳 The Beat Ideas: Welspun Corp- Growth, Capex, Acquisition & Revival of Bankrupt Companies (Smartkarma) $
Welspun Corp Ltd (NSE: WELCORP / BOM: 532144) expanded from just SAW pipe company to DI Pipe, TMT Bars, Building solutions and PVC Pipes as well.
Company is known for reviving bankrupt companies, On the path to revive Sintex and ABG Shipyard.
high growth from US, Saudi and India driving the growth with capex
🇮🇳 Hyundai Motor gears up for India’s biggest IPO (The Asset) 🗃️
South Korean carmaker to sell 142.2 million shares in India unit to raise up to 278.71 billion rupees
Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF), the world's third-largest automobile manufacturer by passenger vehicle sales in 2023, has confirmed that it will launch on October 15 an initial public offering (IPO) of shares in its Indian subsidiary [Hyundai Motor India (1342Z IN)] to raise as much as 278.71 billion rupees (US$3.31 billion).
What could be India’s biggest-ever IPO will involve the sale of 142.2 million shares by the parent company, which will sell about 17% of its stake in the unit at a price band of 1,865 to 1,960 rupees per share. The South Korean carmaker will retain an 82.5% interest in Hyundai India after the sale.
🇮🇳 Hyundai Motor's Indian unit to make stock market debut this week after record IPO (Korea Times)
Shares of Hyundai Motor India (1342Z IN) are set to start trading on the Indian stock market Tuesday following last week's $3.3 billion IPO subscription process.
It marks Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF)'s first listing outside South Korea and the largest IPO in the history of the Indian stock market, surpassing the previous record set by the Life Insurance Corporation of India (NSE: LICI / BOM: 543526) in 2022, which then raised $2.5 billion.
🇰🇿 Freedom Holding: About 7x Increase In Market Cap In 5 Years - More To Come (Seeking Alpha) $ 🗃️
Freedom Holding Corp (NASDAQ: FRHC) [Securities brokerage and financial services]
🇮🇱 AI-Driven Growth And A Strong Balance Sheet Make Tower Semiconductor Shine (Seeking Alpha) $ 🗃️
Tower Semiconductor (NASDAQ: TSEM) [Foundry of high value analog semiconductor solutions]
🇪🇹 Ethio Telecom issues 100 million new ordinary shares (Capital Markets Africa)
The sale marks an important new phase in the country's drive to attract more private capital into its economy.
The government of Ethiopia has issued 100 million new ordinary shares in Ethio Telecom, the country’s state-owned telecoms monopoly. This is ahead of the formal listing of the company on the Ethiopian Securities Exchange (ESX) early next year.
The sale, for 10% of the company, is open to Ethiopian citizens only. It also marks an important new phase in prime minister Dr. Abiy Ahmed’s drive to modernise the Ethiopian economy and open it up to more private capital.
🇿🇦 Lesaka: Unlocking Future Value (Seeking Alpha) $ 🗃️
Lesaka Technologies (NASDAQ: LSAK) [Full-service fintech platform + financial services & software]
🇿🇦 Renergen warns of wider losses amid helium and LNG production delays (IOL)
Shares in Renergen (JSE: REN / ASX: RLT / FRA: 9960 / OTCMKTS: RGNNF / RGNTF), South Africa’s first onshore helium and liquefied natural gas (LNG) production facility, plummeted by 5.24% on the Johannesburg Stock Exchange (JSE) on Friday.
This downturn follows the company’s announcement of anticipated interim earnings for the period ended August 2024, which are expected to be at least 43% weaker due to delays in production of helium and LNG.
🇿🇦 DRDGold narrows cash operating costs while ramping up production and sales (IOL)
DRD Gold (NYSE: DRD) narrowed down cash operating costs by 4% despite elevated electricity tariffs during the quarter to September, despite grappling with higher electricity tariffs.
This strategic improvement has been primarily attributed to a 7% increase in gold production, leading to a significant jump in sales volumes, which contributed to a rise in the company’s share price by 3.82% during early trade on the Johannesburg Stock Exchange (JSE).
🇿🇦 Mondi pushes forward with expansion amid challenging trading conditions (IOL)
Mondi (LON: MNDI / JSE: MNP / OTCMKTS: MONDY / MONDF) is advancing its expansion plans despite facing muted trading conditions characterised by economic uncertainties, in a bold move to solidify its market presence.
The packaging and paper giant recently announced its acquisition of the packaging assets from Schumacher Packaging in Western Europe for €634 million (R12.3 billion).
🇿🇦 Northam Platinum secures robust liquidity profile despite low PGM prices (IOL)
Northam Platinum Holdings (JSE: NPH / FRA: 7JR / OTCMKTS: NPTLF) has an enhanced liquidity profile and will be able to meet its capital requirements in the medium term despite persistently low Platinum Group Metals (PGM) prices, noted analysts at ratings agency GCR Ratings.
South African PGM executives are expecting prices of the metals to improve as they keep their eyes on containing costs and ramping up production.
🇿🇦 Pick n Pay says interim loss will deepen as group recapitalisation continues (IOL)
Pick 'n Pay (JSE: PIK / FRA: PIK) anticipates a 20%-10% decline in headline earnings per share for the first half of 2024, despite strong performance from Boxer and ongoing recapitalisation efforts.
The group reported mixed results across segments on Thursday, with online sales surging 60.6% amidst challenges in the core Pick n Pay brand.
🌎 Liberty Latin America Is A Buy For Patient Long-Term Telecom Investors (Seeking Alpha) $ 🗃️
Liberty Latin America Ltd (NASDAQ: LILA / LILAK) [Leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands Flow, Liberty, Más Móvil and BTC]
🇦🇷 Lithium Americas: This Surge Is Only The Beginning (Seeking Alpha) $ 🗃️
Lithium Americas (NYSE: LAC) [Focused on advancing lithium projects in Argentina & USA to production]
🇦🇷 Lithium Americas: You Ain't Seen Nothing Yet (Seeking Alpha) $ 🗃️
🇦🇷 Lithium Americas: The Unloved Market Is Getting Some Attention (Seeking Alpha) $ 🗃️
🇧🇷 SLC Agricola: Transitioning From El Nino To La Nina For A Promising Harvest Ahead (Seeking Alpha) $ 🗃️
SLC Agricola SA (BVMF: SLCE3) [One of the world’s largest grain & fiber producers]
🇧🇷 Vale Production Report Q3 2024: Good Volumes, Bad Prices (Seeking Alpha) $ 🗃️
🇧🇷 Marfrig's H1: Resilience Amidst Cattle Cycles And Deleveraging Opportunities (Seeking Alpha) $ 🗃️
Marfrig Global Foods Sa (BVMF: MRFG3 / FRA: MGP1 / OTCMKTS: MRRTY) [Global leader in the production of hamburgers + bovine protein]
🇧🇷 How BHP is facing a record London lawsuit over a Brazilian dam disaster (FT) $ 🗃️
Australian miner is fighting a multi-billion-pound claim brought by about 620,000 alleged victims
🇨🇴 GeoPark Is An Undervalued Small Cap (Seeking Alpha) $ 🗃️
GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) [Oil & gas explorer in Colombia, Ecuador, Chile & Brazil]
🇲🇽 Coca-Cola FEMSA: Strong Player With Opportunities (Seeking Alpha) $ 🗃️
Coca-Cola Femsa SAB de CV (NYSE: KOF)
🇵🇦 Copa Holdings, S.A.: A Solid Value Opportunity With A Superior Yield (Seeking Alpha) $ 🗃️
Copa Holdings (NYSE: CPA) [Leading Latin American provider of airline passenger & cargo service through Copa Airlines & AeroRepública]
🌐 Income idea for shipping investors and polar explorers (TheOldEconomy Substack)
Today’s report is for one of the most highly specialized shipping segments: ice-class LNG carriers. The company in question is Dynagas LNG LP (NYSE: DLNG / DLNG-A / DLNG-B). In my opinion, it is one of the best income ideas in the shipping universe.
DLNG offers two classes of preferred units with attractive yields. The company does not distribute dividends on its common units, but that might change. DLNG’s ability to pay dividends is covered by its monstrous backlog of $1.04 billion. In addition, announcements for new contracts and share buybacks would spark investor interest in common units.
Before I go into DLNG nits and bits, let’s start from the top, ice-class carriers market.
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 China’s investors are counting on fiscal stimulus (FT) $ 🗃️
Recent market rally will peter out without decisive policy action to boost the economy
🇨🇳 China Launches Tools to Boost Volatile Stock Market (Caixin) $
China’s financial regulators officially launched two tools Friday for bolstering the country’s stock market, helping boost major indexes that day.
The two tools are aimed at encouraging listed companies and financial institutions to buy stocks. One tool will do this by encouraging banks to lend to listed companies to buy back shares, while the other is a swap facility that will allow eligible institutions to access highly liquid central bank assets, which they can use to fund stock purchases.
🇨🇳 In Depth: Chinese AI-App Makers Look Overseas for Their Big Break (Caixin) $
Instead of following the well-worn TikTok and Temu playbook of dominating the domestic market before venturing overseas, Chinese artificial intelligence (AI) ventures have been taking the opposite approach.
The strategy, driven mostly by fierce competition and strict regulations on generative AI apps at home, has allowed the companies to capitalize on mature markets where subscription-based Software as a Service (SaaS) models are well-established and where there is a readiness to pay for AI-driven services.
🇨🇳 The fight against stupidity has only just begun (Investing in China)
How to not fool yourself or get fooled by others
Let’s cut through the noise and make sense of what’s really going on.
Have the Chinese Stopped Founding New Companies?
How Not to Get Fooled I: Debunking Nonsensical Statements
Luckin Coffee (OTCMKTS: LKNCY) – Why I Did Not Invest
How Not to Get Fooled II: Using Fermi Questions to estimate numbers
🇲🇴 Macau GGR post Golden Week beats expectations: JP Morgan (GGRAsia)
Macau’s gross gaming revenue (GGR) for the first 13 days of October reached MOP11.0 billion (US$1.37 billion), averaging MOP846 million per day, according to a Monday note from JP Morgan Securities (Asia Pacific) Ltd, citing industry checks.
In a note published last week, JP Morgan had stated that the daily run-rate of Macau’s casino GGR for October 1 to October 6 – all within China’s seven-day National Day holiday season – was estimated at just above MOP1.08 billion, the highest level in five years since the comparable October Golden Week holiday in 2019.
🌏 East Asia at demographic tipping point (The Asset) 🗃️
Philippines, Cambodia big winners as Thailand, China grow old before they get rich
🇲🇾 Tech giants spur Malaysia’s data centre boom (The Asset) 🗃️
Market sees fastest growth in Asia-Pacific on ample land resources and government support
🇸🇬 Singapore overnight visit tally down 35pct y-o-y in Sept (GGRAsia)
Singapore recorded 1.27 million visitor arrivals in September, up 12.3 percent year-on-year. But the city-state’s tally of overnight visitors for that month was 540,790, down 34.7 percent year-on-year, according to the latest statistics from Singapore Tourism Board (STB).
The average stay length of Singapore’s inbound visitors in September was 3.29 days, down 9.9 percent year-on-year.
Of those three source markets, the mainland-visitor cohort maintained the highest year-on-year growth, at 60.1 percent.
🇸🇬 Singapore’s Food and Beverage Industry Buckles Under Influx of Chinese Brands (Caixin) $
Closures of food and beverage (F&B) businesses in Singapore picked up this year as an influx of Chinese brands ratcheted up the pressure on locals to hold on to customers and keep costs under control.
An average of 274 F&B businesses shut down each month in the first nine months of 2024, reaching a total of 2,465, according to a new report by consultancy Knight Frank LLP. That average is up from 229 last year and 170 in 2020, when pandemic restrictions brought dining out to a near standstill in the city-state.
🇳🇬 Nigeria’s economic transformation must succeed (FT) $ 🗃️
Failure would set back the cause of reform across sub-Saharan Africa
The writer is chief economist and senior vice-president for development economics at the World Bank
🌐 The inflation risk for emerging markets (FT) $ 🗃️
Fiscal indiscipline looms as the biggest threat after central bank battles to slow rising prices
🌐 Emerging markets are having a moment (FT) $ 🗃️
US interest rate cuts spur reassessment of asset class and bolster its allure
🌐 3Q2024, Expected Returns for Emerging Markets (The Emerging Markets Investor)
Nonetheless, when “cheap” markets on a CAPE basis exhibit short-term outperformance (one year or less), investors should take note, as the combination of value and momentum is compelling. As shown in the chart below, the current environment does not support using CAPE as a timing tool for investment. Over the past twelve months, investing in the “cheapest markets” (on the left side of the chart) has yielded mixed results, working well for Colombia and Turkey but not for Brazil or Chile. Meanwhile, expensive markets (on the right side of the chart), such as the U.S., India, Thailand, and Malaysia, have delivered stellar results. This suggests that, for now, liquidity—not value—is driving performance.
Looking ahead, Colombia, Peru, and the Philippines appear well-positioned to perform, as they offer both cheap valuations and momentum and are in the early to middle phases of their business cycles. However, rising geopolitical tensions and sluggish global growth create a less favorable investment environment. As always, a strengthening dollar indicates the need to remain invested in dollar-denominated quality assets.
🌐 Vladmir Putin for creating parallel SWIFT system to break U.S. dollar dominance (The Hindu)
BRICS explores digital currencies, SWIFT alternative to counter U.S. dollar dominance, with new members joining the economic bloc
📅 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):
Georgia Georgian Parliament Oct 26, 2024 (d) Confirmed Oct 31, 2020
Uzbekistan Uzbekistani Legislative Chamber Oct 27, 2024 (d) Confirmed Dec 22, 2019
Uruguay Referendum Oct 27, 2024 (t) Confirmed Mar 7, 2022
Uruguay Uruguayan Presidency Oct 27, 2024 (d) Confirmed Nov 24, 2019
Uruguay Uruguayan Chamber of Representatives Oct 27, 2024 (d) Confirmed Oct 27, 2019
Uruguay Uruguayan Chamber of Senators Oct 27, 2024 (d) Confirmed Oct 27, 2019
Bulgaria Bulgarian National Assembly Oct 27, 2024 (d) Confirmed Jun 9, 2024
Sri Lanka Sri Lankan Parliament Nov 14, 2024 (t) Confirmed Aug 5, 2020
Romania Romanian Presidency Nov 24, 2024 (d) Confirmed Nov 24, 2019
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
Thailand Referendum Dec 31, 2024 (t) Date not confirmed Aug 7, 2016
Croatia Croatian Presidency Dec 31, 2024 (t) Date not confirmed Jan 5, 2020
📅 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):
HUHUTECH International Group HUHU Craft Capital Management/EF Hutton, 1.3M Shares, $4.00-6.00, $6.3 mil, 10/22/2024 Tuesday
We offer process and control systems as well as factory management solutions for industrial clients, mostly semiconductor and electronics manufacturers. Our business is conducted through our subsidiaries in China and Japan. (Incorporated in the Cayman Islands)
Note: The holding company is offering the stock in the IPO.
We, through our subsidiaries, specialize in providing factory facility management and monitoring systems, including high-purity process system (“HPS”) and factory management and control systems (“FMCS”) for our industrial clients, who are mainly semi-conductor manufacturers and electronics manufacturers in China. We believe our products and services are widely used by semi-conductor manufacturers, LED and micro-electronics factories, as well as some pharmaceutical, food and beverage manufacturers.
Within the HPS, we provide two types of solutions: (1) High-purity gas conveyor system. The high-purity gas conveyor consists of a specialized gas cabinet, the valve manifold box (“VMB”), the gas monitoring software and gas valve parts. This system is connected to our clients’ own factory equipment, which will receive gas through the system we install. The gas conveyor ensures that the high-purity gas will not be contaminated by being exposed to air, liquid or small particles during the delivery. (2) High-purity chemicals conveyor system. The high-purity chemicals conveyor system conveys multiple chemicals used in the cleaning, corrosion and grinding process. This system consolidates multiple sub-systems including high-purity chemical pipes, valve, chemical sensor, and the chemical monitoring software. With the high-purity chemical conveyor system, we deliver chemicals from the storage container to the client’s manufacture equipment through the distribution valve. Both high-purity gas conveyor system and high-purity chemicals conveyor system are capable of delivering special high purity gas and chemicals in a highly controlled environment that ensures the gas and chemicals meet the purity requirement of our clients’ production process, as well as monitors potential safety issues in the production.
Our FMCS solution provides instant and effective monitoring over our clients’ manufacturing process through the control center located in the clients’ factory. The FMCS service monitors the facility production atmosphere, and consolidates sub-systems, including gas monitoring system (GMS), chemical monitoring system (CMS), high and low voltage power distribution, air pressure system, air conditioning system, water system, access control system, elevator system, sewage treatment system, waste gas emission system, pure water system and other systems. Our software is capable of consolidating all the sub-systems by creating a facility-wide software monitoring platform, where one can monitor and control every aspect of the factory condition. Additionally, we also develop individual sub-systems for our clients, such as gas monitoring system and chemical monitoring system.
Some of our clients are seasoned manufacturers in their industries in China. Our clients include Li Yi System Engineering (Shanghai) Limited, Hefei Lanke Investment Co., Ltd., Shiyuan Technology Engineering Co., Ltd., and AUO Corporation.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended Dec. 31, 2023.
(Note: HUHUTECH International Group filed its F-1/A on Aug. 28, 2024, and disclosed the terms for its small-cap IPO: The company is offering 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million.)
SAG Holdings Ltd SAG Wilson-Davis & Co./Dominari Securities, 1.0M Shares, $8.00-8.00, $8.0 mil, 10/22/2024 Tuesday
We are a holding company incorporated in the Cayman Islands. The ordinary shares offered in the IPO are being offered by the holding company.
We are a Singapore-based provider of high-quality OEM, third-party branded and in-house branded replacement parts for motor vehicles and for non-vehicle combustion engines serving a number of industries. We distribute spare parts through operations primarily based in Singapore and global sales primarily generated from the Middle East and Asia. Through our On-Highway Business, we supply a wide range of genuine OEM and aftermarket parts for use in passenger and commercial vehicles bearing either the manufacturer’s brands or our in-house brands through SP Zone. Through our Off-Highway Business, we supply a wide range of components and spare parts for internal combustion engines with strong focus on filtration products through Filtec. Our Off-Highway Business serves industrial sectors that include marine, energy, mining, construction, agriculture, and oil and gas industries. Our products are sourced from genuine OEM and global premium aftermarket brands to suit the diverse needs of our customers. Over the past several years, our revenues have been relatively evenly split between our On-Highway Business and our Off-Highway Business, and approximately 10% of our revenues are derived from sale of our in-house products.
Our Group’s business can be traced back to the early 1970s, when our late founder, KE Neo, set up Chop Kim Aik, a retail shop specializing in the supply of British-made truck spare parts. KE Neo leveraged his experience as the owner of a transportation business with a fleet of trucks serving the construction industry to building a small retail shop to a large-scale operation with a solid customer base and a recognizable brand.
In 1983, we diversified into the supply of Japanese made automotive spare parts to capitalize on the increase in demand for Japanese vehicles in Singapore. Riding on this global growth of Japanese automotive exports, CE Neo, with the support of his father KE Neo, set up its first automotive spare parts retail outlet in Singapore, naming it Soon Aik Auto Parts Trading Co (which became a private limited company, Soon Aik Auto Parts Trading Co. Pte Ltd in 1995, and is now known and hereinafter referred to as “SP Zone”) specializing in trading Japanese made automotive spare parts, primarily used in passenger and commercial vehicles.
In the late 1980s, SP Zone achieved a major milestone when it was appointed as an authorized dealer of UD Trucks Corporation (“Nissan UD”) automotive genuine spare parts in Singapore, expanding our business of selling authorized genuine spare parts, beyond our historical aftermarket spare parts business model. The business gradually expanded, and the outlet grew to supply automotive spare parts for trucks operating in Singapore sold by respected Japanese brands from the manufacturers such as Nissan UD, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors Ltd and Isuzu Motors Ltd.
In 1993, Jimmy Neo and CK Neo, brothers to CE Neo and sons of KE Neo, joined SP Zone, to assist with the expanding business. In 1995, Jimmy Neo was instrumental in securing the dealership with Cummins Asia Pacific Pte. Ltd (“Cummins”) for Fleetguard filters, a product used in Cummins engines, pursuant to which SP Zone started distributing filters to the marine, energy, mining, agriculture, oil and gas, and construction industries (referred to as the “Off-Highway Business”) in addition to the automotive industry (referred to as the “On-Highway Business”).
In 1995, SP Zone became a private limited company and expanded its sales channels to include exports to ASEAN markets, capitalizing on unmet demand as there were few suppliers supplying automotive spare parts to those markets at that time. Another major milestone in 1995 occurred when Edward Neo, the third brother and son of KE Neo, joined our Group to manage the local wholesale and retail business, allowing CE Neo to focus on our Group’s newly expanded export business. At this point, the business had grown from a small retail operation to regional family business run by a father and his four sons with multiple areas of focus and utilizing the family member’s different areas of expertise.
In 1999, SP Zone secured another line of filtration products when it was appointed as a distributor for Parker Racor, a line of Parker Hannifin filtration products. Subsequently, we established Filtec as a separate Singapore subsidiary to carry out sales of Off-Highway Business dedicated to handling sales to our Off-Highway customers in the industrial sectors.
In the early 2000s, Edward Neo spearheaded an effort to develop in-house branded brake parts and lubricant products, namely, VETTO and REV-1 in SP Zone, to enhance our competitiveness in the automotive industry. Over the years, the product range of our in-house brands has greatly expanded to include the NUTEQ steering and suspension parts, GENTEQ pumps and cooling system components, ELITO cables and hoses, SUNBLADE wiper blades, FILTEQ filters, and ENERGEO batteries.
In 2010, we consolidated and shifted our business operations to larger headquarters and warehouse that facilitated greater efficiency in our operations and also allowed us to increase our product inventory offerings. Through our On-Highway Business, we entered the Malaysian market by first taking a 70% equity stake, and by 2017 a 100% stake, in Autozone (M), an established company that sells wholesale automotive spare parts as well as the sale of our in-house brands in Malaysia.
Since 2010, we have been selling to wholesale distributors based in Dubai as part of our strategy to expand our business. Like Singapore in Asia, Dubai is an important key trading hub in the Middle East serving customers not only in the Middle East, but also Central Asia, Africa and Europe. This business now represents an estimated 10.7% of our sales.
More recently, in 2019, our Off-Highway Business expanded to include the life science environmental industry, securing distribution and working in close collaboration with MANN+HUMMEL, a European-based multi-national company that provides a number of automotive and industrial commercial products, including filtration and related products with life science applications, for the distribution and promotion of their products in Singapore.
In 2022, we underwent a reorganization. On February 14, 2022, Celestial obtained a 4.9% shareholding interest in SAGI from Soon Aik. On September 29, 2022, Soon Aik transferred the entire issued share capital of our group of companies, consisting of Filtec, SP Zone, Autozone (S) and Autozone (M), to SAGI. Subsequently on September 29, 2022, Soon Aik and Celestial transferred their respective shares in SAGI to the Company in exchange for equivalent proportional percentages of Ordinary Shares of the Company. Upon completion of the group reorganization, Soon Aik owns 8,915,625 shares and Celestial owns 459,375 shares, and SAGI, Filtec, SP Zone, Autozone (S) and Autozone (M) are indirect subsidiaries.
**Note: Net income and revenue are in U.S. dollars (converted from Singapore dollars) for the 12 months that ended Dec. 31, 2023.
(Note: SAG Holdings Ltd. increased its IPO’s size to 1.0 million shares – up from 875,000 shares – and kept the assumed IPO price at $8.00 – to raise $8.0 million, according to an F-1/A filing dated Sept. 20, 2024. Note: Dominari Securities has been added as a joint book-runner to work with Wilson-Davis & Co. Background: SAG Holdings Ltd. cut its IPO to 875,000 shares – down from 2.13 million shares – and doubled the assumed IPO price to $8.00 – up from $4.00 previously – to raise $7.0 million, according to an F-1/A filing dated March 1, 2024. This is a NASDAQ listing.)
(Note: Wilson-Davis & Co. is the sole book-runner, succeeding Spartan Capital Securities, according to an F-1/A filing dated Aug. 7, 2024.)
(Note: SAG Holdings Ltd. cut its IPO on June 14, 2023, in an F-1/A filing: 2.125 million shares – down from 3.75 million shares – and kept the assumed IPO price at $4.00 to raise $8.5 million. That’s a cut of 32 percent from the $12.5 million in estimated IPO proceeds under the previous terms. The selling shareholders’ portion was cut to 50,000 shares – down from 625,000 shares – according to the S-1/A filing dated June 14, 2023. The company will not receive any proceeds from the sale of the selling stockholders’ shares.)
(Background: SAG Holdings Ltd filed an F-1/A dated April 14, 2023, in which it trimmed the size of its IPO by 16.67 percent to 3.125 million shares (3,125,000 shares) – down from 3.75 million shares – that the company will offer in the IPO – at an assumed IPO price of $4.00 – to raise $12.5 million. Background: The selling shareholders are offering an aggregate of 625,000 shares, according to the March 28, 2023, F-1/A filing. The company will not receive any proceeds from the sale of the selling shareholders’ shares. SAG Holdings also updated its financial statements in the F-1/A dated March 28, 2023. SAG Holdings Ltd filed its F-1 on Oct. 7, 2022: 3.75 million ordinary shares – no price range disclosed; of those 3.75 million shares, the F-1 says that the company is offering 3.125 million shares and the selling shareholders are offering 625,000 shares. )
Li Bang International Corporation Inc. LBGJ Craft Capital Management/ EF Hutton, 1.6M Shares, $5.00-6.00, $8.8 mil, 10/23/2024 Wednesday
Li Bang International Corporation Inc. was incorporated in the Cayman Islands on July 8, 2021. We conduct all of our operations in China through our Operating Subsidiaries in China. (Incorporated in the Cayman Islands)
The main business of our Operating Subsidiaries is to design, develop, produce and sell stainless steel commercial kitchen equipment in China under our own “Libang” brand. Additionally, our Operating Subsidiaries provide customers with comprehensive services ranging from commercial kitchen design in the early stage to equipment installation and after-sales maintenance.
Our Operating Subsidiaries offer a range of commercial kitchen accessories covering steaming, cooking, baking, frying, disinfection, conditioning, refrigeration, and so on, in 13 series with more than 80 varieties, as well as stainless steel kitchen equipment, cooking and food preparation instruments, hotel supplies, and kitchen appliance accessories of more than 300 varieties. These products are used by a wide variety of customers such as governments, businesses, and public institutions. Additionally, our Operating Subsidiaries customize special products according to any customer’s project needs.
Our cookers include stoves, stir-fry stoves, steaming cabinets, and soup pots which are used in all kinds of commercial kitchens.
We also make fume and fresh air supply pipe systems as well as a waste processor.
Our production plant in China is more than 10,000 square meters. We use modern production facilities and state-of-the-art procedures. Furthermore, as a new technology enterprise in Jiangsu Province, we fall within the scope of advanced technology enterprises that benefit from key national support for residential companies that employ continuous R&D activities and transformational technical achievements to form core independent intellectual property rights.
Our Operating Subsidiaries mainly undertake projects of middle- and high-end customer groups by bidding on contracts. Our customer base consists of international hotels, companies, public institutions, educational institutions, hospitals and other facilities.
**Note: Net loss and revenue are for the 12 months that ended Dec. 31, 2023.
(Note: Li Bang International Corp. named Craft Capital Management and EF Hutton as its joint book-runners, replacing WestPark Capital, in an F-1/A filing dated Aug. 23, 2024, for its small-cap IPO. Background: In an F-1/A filing dated June 18, 2024, Li Bang International Corp. cut its IPO’s size to 1.6 million shares – down from 5.0 million shares – and changed the price range to $5.00 to $6.00 – compared with $4.00 to $6.00 previously – to raise $8.8 million. Li Bang also said in the June 18, 2024, filing that the assumed IPO price is $5.00, the low end of the range; at that price, the IPO would raise $8.0 million.)
(Background: Li Bang International Corporation Inc. changed its sole book-runner to WestPark Capital – replacing Univest Securities – and updated its financial statements for the year that ended June 30, 2022, in an F-1/A filing dated June 1, 2023. Background: Li Bang International Corporation Inc. revised its IPO with a price range of $4.00 to $6.00 – with the low end of that range below its previous assumed IPO price of $5.00 and the high end of the range exceeding the previous assumed IPO price – while keeping the deal’s size at 5 million shares, according to an F-1/A filing dated Sept. 16, 2022. Li Bang International filed its F-1 on Jan. 27, 2022.)
ALE Group Holding Limited ALEH EF Hutton, 1.3M Shares, $4.00-6.00, $6.3 mil, 10/25/2024 Friday
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.)
Cuprina Holdings (Cayman) Ltd CUPR Network 1 Financial Securities, 3.8M Shares, $4.00-4.50, $15.9 mil, 10/25/2024 Week of
We manufacture and distribute chronic wound care products – medical grade bio-dressing products made from sterile blowfly larvae and sold under the MEDIFLY brand – mostly in Singapore since February 2020 and in Hong Kong since March 2023. (Incorporated in the Cayman Islands)
From the Prospectus: “Looking ahead, we have strategic plans in place for the second half of 2024 and 2025 to expand our sales and establish physical operations in several key regions, including Southeast Asia, the Middle East (in particular, the member states of the Gulf Cooperation Council, or GCC), and mainland China. These expansion initiatives will further enable us to cater to the growing demand for our products in these promising markets, cementing our position as a trusted player in the field of chronic wound care and treatment.”
We are a Singapore-based biomedical and biotechnology company dedicated to the development and commercialization of innovative products for the management of chronic wounds, as well as operating in the health and beauty sectors. Our expertise in biomedical research allows us to identify and utilize materials derived from natural sources to develop wound care products in the form of medical devices which meet international standards. We believe we will be able to build upon and leverage such expertise to develop innovative cosmeceutical products in the future.
As of Dec. 31, 2023, we manufactured and distributed a line of medical grade sterile blowfly larvae bio-dressing products marketed under the MEDIFLY brand name, or the MEDIFLY products. The MEDIFLY products are used as a biological debridement tool for chronic wounds, in a procedure known as Maggot Debridement Therapy, or MDT, which is an effective alternative to surgical debridement.
In addition to our commercialized MEDIFLY products, we have two lines of chronic wound care products in our pipeline:
*Collagen dressings, including sponges, particles and hydrogels, using bullfrog collagen derived from the valorization of abattoir waste streams of American bullfrogs (Lithobates catesbeianus) and
*Products using medical leeches for wound treatment.
We expect development of such products to take place over the course of 2024 and 2025 and to become commercially available subject to regulatory approval.
We believe what sets us apart is our focus on developing functionally specific chronic wound care products designed to address the major stages of the wound healing process from chronic to closure.
Our chronic wound care products, including both our existing commercialized products and forthcoming products in our pipeline, are poised to benefit from escalating global market demand. This demand is primarily fueled by the demographic shift towards an aging population and the concurrent rise in comorbidities such as diabetes, obesity, cardiovascular ailments and peripheral vascular diseases.
For our cosmeceuticals business, we introduced three products in 2023, including a hydrating balm product, a muscle energy cream and a pain relief muscle patch. For our commercialized cosmeceutical products, we have commissioned original equipment manufacturers of skincare products to develop the formulation and manufacture the substantially finished and finished products. In addition, we plan to explore the possibility of developing a range of potential cosmeceutical product candidates incorporating bullfrog collagen with a view to making them commercially available between 2024 and 2028, subject to the progress of the relevant R&D work.
We offer our chronic wound care products to both public and private hospitals and clinics, where patients can obtain them through prescription from a physician. Our customers primarily include major public and private hospitals and clinics in Singapore.
Our commercialized cosmeceutical products can be purchased directly by individual customers through a variety of channels, including retailers and gyms in Singapore, Malaysia and Australia, as well as online shopping platforms such as Shopee.
Note: Net loss and revenue figures are in U.S. dollars for the year that ended Dec. 31, 2023.
Note from the Prospectus: “Our independent registered public accounting firm expressed substantial doubt regarding our ability to continue as a going concern. Our ability to continue as a going concern requires that we obtain sufficient funding to finance our operations.”
(Note: Cuprina Holdings (Cayman) Ltd. filed an F-1/A on Sept. 3, 2024, disclosing that its IPO’s price range is $4.00 to $4.50 – a change from its IPO price of $4.00 – and keeping the IPO’s size at 3.75 million Class A ordinary shares – to raise $15.94 million. Background: Cuprina Holdings (Cayman) Ltd increased the number of shares to 3.75 million – up from 2.5 million shares initially – without disclosing the IPO price – in an F-1/A filing dated June 20, 2024.)
(More Background: Cuprina Holdings (Cayman) Ltd filed an F-1/A dated May 16, 2024, disclosing that it will offer 2.5 million Class A ordinary shares – without stating the IPO price. More Background: Cuprina Holdings (Cayman) Ltd. filed its F-1 on March 7, 2024, without disclosing terms; estimated IPO proceeds were $10 million. Previously: The Cayman Islands-incorporated holding company submitted its confidential filing to the SEC on Oct. 13, 2023.)
FBS Global Ltd. FBGL WallachBeth Capital, 2.3M Shares, $4.50-5.00, $10.7 mil, 10/25/2024 Week of
(Note on corporate structure: The predecessor of our principal operating company was incorporated on March 9, 1996, in Singapore under the name Finebuild Systems Pte Ltd. Pursuant to a restructuring that took effect on August 2, 2022, FBS Global Limited, an exempted company incorporated in the Cayman Islands, through its wholly owned subsidiary, Success Elite Developments Limited, a company incorporated in BVI, became the ultimate holding company of our current principal operating subsidiary referred to herein as FBS SG. (Incorporated in the Cayman Islands) )
From its beginning as a construction company since 1996, FBS SG has developed into a premier integrated engineering company that provides a full suite of construction and engineering services. These services include the supply of building materials and precast concrete components, recycling of construction and industrial wastes, research, and development, as well as pavement consultancy services.
We are an established interior design and build (also referred to as “fit-out”) specialist in Singapore with a track record of over 20 years in institutional, residential, commercial and industrial building projects. Our scope of services comprises design, supply and installation of ceilings, partitions, timber deck, carpet, lead lining, acoustic wall panel, built-in furnishing, carpentry and mechanical & electrical services of a building. We also undertake main construction and building works projects.
**Note: Revenue is for the year that ended Dec. 31, 2023.
(Note: FBS Global Ltd. revived its micro-cap IPO and disclosed its revised terms on Aug. 13, 2024, in an F-1/A filing: The company increased the number of shares to 2.25 million – up from 1.88 million shares – and raised the lower end of its price range to $4.50 – up from $4.00 – so the new price range is $4.50 to $5.00 – to raise $10.69 million. The company named WallachBeth Capital as its sole book-runner, replacing Eddid Securities USA.)
(Note: FBS Global Ltd. postponed its IPO in April 2024, when it had been expected to price its micro-cap initial public offering on or around April 13, 202r. Background: FBS Global Ltd. says its assumed IPO price is $4.00 – the low end of its $4.00-to-$5.00 price range – on 1.875 million shares, according to an F-1/A filing dated Feb. 23, 2024. Background: FBS Global Ltd. cut its IPO’s size to 1.875 million shares – down from 2.75 million shares – and set the price range at $4.00 to $5.00 to raise $8.44 million, according to an F-1/A filing dated Dec. 29, 2023. In that Dec. 29, 2023, filing with the SEC, FBS Global Ltd. also disclosed that it has changed its sole book-runner to Eddid Securities USA from Pacific Century Securities.)
(Note: FBS Global Ltd. filed an F-1/A dated July 27, 2023, in which it trimmed the size of its IPO to 2.75 million shares – down from 3.75 million shares – at US$4.00 to raise $11.0 million. The number of shares – 2.75 million – will all be offered by the company – and this is the same as in the previous prospectus (F-1/A) filed on June 26, 2023. The difference: The selling stockholder’s 1.0 million shares are not highlighted in the July 27, 2023, prospectus. However, in the July 27, 2023, filing, there is a note that the selling stockholder still intends to sell up to 1.0 million shares. Background: FBS Global Ltd. filed an F-1/A on June 26, 2023, and updated its financial statements for the year ended Dec. 31, 2022. FBS Global Ltd. filed its F-1 on Jan. 30, 2023, and disclosed terms for its IPO: 3.75 million (3,750,000) shares at US$4.00 to raise $15.0 million. Of the 3.75 million shares in the IPO, the company is offering 2.75 million shares and the selling stockholder is offering 1.0 million shares. FBS Global Ltd. will NOT receive any proceeds from the sale of the selling stockholder’s shares. FBS Global Ltd. filed confidential IPO documents on Sept. 13, 2022.)
Jinxin Technology NAMI Craft Capital Management/ WestPark /R.F. Lafferty & Co., 1.9M Shares, $4.00-5.00, $8.4 mil, 10/28/2024 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.)
Luda Technology Group LUD Pacific Century Securities/Revere Securities, 2.5M Shares, $4.00-4.00, $10.0 mil, 10/28/2024 Week of
We are a manufacturer and trader of stainless steel and carbon steel flanges and fittings products.(Incorporated in the Cayman Islands)
Our history began with Luda HK, which was incorporated in Hong Kong in 2004 and is principally engaged in the trading of steel flanges and fittings. In 2005, the Company’s business expanded further upstream when Luda PRC was set up to commence the manufacturing of flanges and fittings with self-owned factory in China. We have established an operation history of over 20 years. We are principally engaged in (i) the manufacture and sale of stainless steel and carbon steel flanges and fittings products; and (ii) trading of steel pipes, valves, and other steel tubing products. We are headquartered in Hong Kong with manufacturing base in Taian City, Shandong Province of the PRC. Our sales network comprises customers from China, South America, Australia, Europe, Asia (excluding China) and North America and our customers comprise manufacturers and traders from the chemical, petrochemical, maritime and manufacturing industries.
Note: Net income and revenue are for the 12 months that ended Dec. 31, 2023.
(Note: Luda Technology Group filed an F-1/A dated Sept.20, 2024, disclosing the terms for its IPO: 2.5 million shares at $4.00 to raise $10.0 million.)
Wing Yip Food Holdings Group Limited WYHG Dawson James Securities/ EF Hutton, 2.1M Shares, $4.00-5.00, $9.2 mil, 10/28/2024 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.)
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.)
🏁 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 - 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
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 (October 21, 2024) was also published on our website under the Newsletter category.