Emerging Market Links + The Week Ahead (October 28, 2024)

Can BRICS deliver on promises? Inside China's tea/coffeeshop sweatshops, BYD is winning w/ cheaper EVs, Georgia/Uruguay elections, Lula troubles, EM stock picks & the week ahead for emerging markets.

Western media has largely ignored the BRICS summit, but they just dropped a manifesto for a new world order. However, BRICS members are divided on their approach to the West, with some seeking to reform the current international order and others aiming to dismantle it.

Meanwhile, some interesting elections last weekend. Uruguay rejected an enticing plebiscite to lower the retirement age and boost pensions (by effectively confiscating private ones and turning them back over to the government) - a sign of a responsible society…

However, the West does not like the results of the Georgia elections; but their ability to facilitate color revolutions (aka Euromaidan in Ukraine, etc) has probably severely weakened - except on Twitter (plus a majority of Georgians clearly don’t want their country to become the next Ukraine by antagonizing the Russians…). Keep an eye on London listed Bank Of Georgia Group Plc (LON: BGEO / FRA: GEB / OTCMKTS: BDGSF), Georgia Capital Plc (LON: CGEO / FRA: 2IX / OTCMKTS: GRGCF), and Tbc Bank Group Plc (LON: TBCG / OTCMKTS: TBCCF) as Western fund managers are (no doubt…) “encouraged” by Western governments to dump shares to put further pressure on the country...

Finally, I think my ISP needs me to do some sort of big update for my website (which have numerous resources on the front page) - which might take up time this week plus I try to schedule posts for 9AM EST time (the USA will set their clocks back next weekend) but it took awhile to clear out my inbox today to compile this post.

---

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🇨🇴 Global X MSCI Colombia ETF Holdings (October 2024) Partially $

  • Colombia stock pick holdings of the Global X MSCI Colombia ETF (NYSEARCA: GXG) plus some economic data. Colombia is far removed from big geopolitical conflicts, but has a leftist president.

• 🇦🇷 The Less Flawed Global X MSCI Argentina ETF's Holdings (October 2024) Partially $

  • Argentina stock picks that are the holdings of the now less flawed Global X MSCI Argentina ETF (NYSEARCA: ARGT) and the ETF's performance under Javier Milei plus some economic updates.

• 🌐 EM Fund Stock Picks & Country Commentaries (October 27 2024) Partially $

  • China biotech licensing deals, CEE banks, hidden EM gems, EM master class, South African retailers + other growth opportunities, how Gen Z is shaping India, various fund EM-Int'l fund Q3 updates, etc.

---

📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Archived article

🇨🇳 Is ByteDance reflecting on its ecommerce strategy? (Momentum Works)

• Douyin needs to pick up its growth momentum, says LatePost

• Many ecommerce ecosystem stakeholders we spoke to have been puzzled by TikTok Shop’s prolonged focus on profitability this year. 

• An article published last night by well-respected Chinese tech media LatePost might offer some clue to this. Here we have extracted a few key points of the article – do note that we do not necessarily agree with the points made here: 

🇨🇳 BYD Is Winning the Global Race to Make Cheaper EVs (Bloomberg) $ 🗃️

• The Chinese company [BYD Company (HKG: 1211 / SHE: 002594 / OTCMKTS: BYDDY / BYDDF)] is flooding markets with its cars—while the US is doing everything it can to keep the booming brand out.

🇨🇳 BYD drives ahead on European journey, undeterred by new tariffs (Bamboo Works)

• China’s leading EV maker unveiled plans to bring its cars to Germany, even as talks between China and the EU to head off European EV tariffs remain deadlocked

• BYD Company (HKG: 1211 / SHE: 002594 / OTCMKTS: BYDDY / BYDDF) plans to roll out its EVs in Germany at prices ranging between 25,000 euros and 30,000 euros

• The company’s cars are subject to a 17% protective tariff under a regime introduced by the EU in response to what it calls unfair state support for Chinese EVs

🇨🇳 Weekend Long Read: The Human Toll of China’s Beverage Boom (Caixin)

Note: NOT PAYWALLED and a good read.

• Sweat drips down Ke Hui’s face as the relentless beep of new orders fills the cramped coffee chain shop. It’s only 8:30 a.m., but orders are piling up fast. He has just two minutes to prepare each drink, and cameras track his every move. Any delay could result in a reprimand — or worse, a cut in pay.

• China’s ready-to-drink beverage market has experienced rapid growth, with the industry surpassing 260 billion yuan ($36.8 billion) in 2023 — a 22.8% increase from the previous year. By mid-2024, over 70,000 brands were competing for market share, offering a range of drinks including coffee, tea, yogurt and juice, with chains like Mixue Ice Cream & Tea, Luckin Coffee (OTCMKTS: LKNCY), Good Me, and Cotti Coffee leading the way in store numbers.

• These budget-friendly brands have adopted a streamlined model, offering a limited menu in compact storefronts, allowing them to expand rapidly and keep prices low — coffee ranges from 10 yuan to 22 yuan and tea as low as 6 yuan.

🇨🇳 Sun Art pursues life after Alibaba in China’s evolving retail landscape (Bamboo Works)

• Alibaba (NYSE: BABA) is negotiating with a potential buyer for its majority stake in the operator of RT-Mart hypermarkets, Sun Art said

• DCP Capital and Hillhouse are among the private equity funds that may be interested in buying Alibaba’s 79% stake in Sun Art

• The hypermarket operator swung into the red in its latest fiscal year, but returned to profits in the six months to September, as it closes stores and reduces costs

🇨🇳 Everest Medicines eyes mRNA tumor vaccines as drug valuations rebound (Bamboo Works)

• The innovative drug maker’s stock jumped more than 18% in a single day on high hopes for inclusion of its blockbuster new drug, Nefecon, in China’s national reimbursement drug list

• Everest Medicines (HKG: 1952 / FRA: 6HN)’ Nefecon achieved 167 million yuan in sales in just over a month after its launch, showing its future big potential

• Therapeutic vaccines have become the core of the company’s independent R&D, with Everest’s first personalized therapeutic mRNA tumor vaccine now in clinical trials

🇨🇳 The Cheap Valuation Of PetroChina Mitigates Its Risk (Seeking Alpha) $ 🗃️

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

🇨🇳 Fanhua hits reset button, but has yet to say where exactly it’s going (Bamboo Works)

• The company will change its name from next month and installed a new chairman, as it tries to move beyond its original business in China’s heavily regulated insurance market

• Fanhua (NASDAQ: AIFU) will change its name to AIX Inc. from Nov. 1 as it looks set to diversify beyond its original insurance brokerage business

• The company appointed Hang Suong Nguyen as its chairman late last month, possibly signaling it’s eyeing Vietnam as a new growth market

🇨🇳 CICC tarnished by due dilligence probe (Bamboo Works)

• The investment banking giant is under investigation over its role in a failed public offering by chip company S2C, which was found to have inflated its pre-IPO earnings 

• S2C was heavily fined and banned from seeking another IPO for five years in the first such penalty since China rolled out a stock registration system

• With IPO candidates under closer scrutiny, China International Capital Corp Ltd (SHA: 601995 / HKG: 3908 / FRA: CIM)’s revenue from underwriting and sponsor services plunged nearly 65% in the first half of the year 

🇨🇳 Drinda New Energy powers up IPO for overseas expansion (Bamboo Works)

• The leading Chinese maker of photovoltaic cells has applied for a Hong Kong listing, hoping a broad market rally will galvanize its IPO prospects

• Hainan Drinda New Energy Technolgy Co Ltd (SHE: 002865) fell into the red in the first half of the year, hit by excess capacity in the sector

• The company wants to spend its IPO funds on ramping up overseas production and sales

🇨🇳 Jinko sees sunnier skies in Germany with new fundraising plan (Bamboo Works)

• The solar panel maker’s Shanghai-listed unit plans to raise up to $633 million through the sale of up to 100 million global depositary receipts (GDRs) in Frankfurt

• Shanghai-listed JinkoSolar Holding Co Ltd (NYSE: JKS) plans to raise more than $600 million through a GDR sale in Germany, using the funds to pay for expansions in China and the U.S.

• The company appears to be selling the global depositary receipts (GDRs) at a relatively large discount to their price in Shanghai [SHA: 688223]

🇨🇳 Bye bye Bossinin? Faded clothing retailer gets a buyout offer (Bamboo Works)

• A company controlled by Olympic gold medal gymnast Li Ning has proposed a share swap that would take the well-known but now-struggling retailer private

• Viva Goods Co Ltd (HKG: 0933 / OTCMKTS: VVCHF), controlled by Olympic gold medalist Li Ning, plans to privatize Bossini, citing a lack of trading volume

• Bossini is shifting its focus to the segment of clothing for cyclists, but will face competition from more established brands

🇨🇳 China Resources Beverage IPO Trading - Still a Bit of Fizz Left (Smartkarma) $

• China Resources Beverage Holdings Co Ltd (HKG: 2460) raised around US$750m in its Hong Kong IPO, after pricing at the top-end.

• China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.

• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

🇨🇳 Horizon Robotics IPO Trading - More than 55% of the Deal Taken up by Existing Shareholders (Smartkarma) $

• Horizon Robotics (HKG: 9660) raised around US$800m, including over-allocation, in its Hong Kong IPO.

• Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.

• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading updates.

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

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

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

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

🇨🇳 Robotaxi operator Pony.ai opts for Nasdaq as it files for U.S. listing (Caixin) $

• Pony.ai Inc., the Chinese autonomous driving company, has filed for an initial public offering (IPO) on the Nasdaq, as the eight-year-old firm reports reduced losses.

• The company did not disclose the size or price range of its planned offering in its filing with the U.S. Securities and Exchange Commission.

🇨🇳 WeRide Low Float US IPO: Pricing and Nasdaq Debut (Smartkarma) $

• WeRide, a Guangzhou-based autonomous driving unicorn, priced its IPO at $15.50 per ADS, a low-end of the price range, implying a market cap of ~$4.2B.

• WeRide sold ~7.7M ADSs, of which Robert Bosch GmbH has acquired 6.5M ADSs, representing ~84% of the ADSs being offered in this IPO.

• In addition, certain investors and existing shareholders purchased ~$321M worth of WeRide Class A shares in the concurrent private placements.

🇨🇳 In Depth: Smash IPO Doesn’t Shake Investors’ AI Pharma Doubts (Caixin) $

• Drug researcher QuantumPharm Inc (HKG: 2228 / OTCMKTS: QNTPF) recently made headlines for becoming the first-ever Chinese artificial intelligence (AI) pharma company to go public and the first firm to list under a new rule that aims to encourage more tech IPOs.

• Many saw the listing, reportedly Hong Kong’s third-largest this year, as a welcome sign that investors were beginning to take an interest in AI pharma again after a prolonged funding drought.

• However, several investors told Caixin that, overall, investors remain cautious as they’re uncertain if AI pharma will turn out to be highly profitable — no AI-designed drugs have yet entered the market and companies in the space are struggling to narrow their losses.

🇨🇳 CPMC Holdings (906 HK): ORG Inching Towards the Launch of the Offer (Smartkarma) $

• The monthly update notes further progress made by ORG Technology Co Ltd (SHE: 002701) in satisfying the precondition for its HK$7.21 voluntary offer for CPMC Holdings Limited (HKG: 0906 / FRA: 8C3).

• The remaining preconditions (ORG shareholder and NDRC/SAFE approval) are low-risk. Including irrevocable, ORG represents 46.45% of outstanding shares within reach of the 50% minimum acceptance condition.

• The two event risks (irrevocable termination date, precondition long stop date) should not derail the deal. At the last close, the gross spread was 4.9%.

🇭🇰 Hysan Development: Consider Shareholder Capital Return And Financial Leverage (Seeking Alpha) $ 🗃️

• Hysan Development Company Limited (HKG: 0014 / FRA: HYN / OTCMKTS: HYSNY / HYSNF) - Investment, management & development of office, retail & residential tenant space mainly in Causeway Bay’s Lee Gardens area.

🇭🇰 Health and Happiness: The Good And The Bad (Seeking Alpha) $ 🗃️

• Health and Happiness (H&H) International Holdings Limited (HKG: 1112 / FRA: 8BI / OTCMKTS: BTSDF) - Health & nutrition company (pediatric nutrition, baby care, adult nutrition/care & pet nutrition/care products).

🇭🇰 Laopu Gold (6181 HK): IPO Lock-Up Expiry Might Prove Golden for Global Index Inclusion (Smartkarma) $

• Laopu Gold Co Ltd (HKG: 6181) [Designs, manufactures, and sells jewelry products] is expected to fail the fcap threshold at the December 2024 review due to low free float unless its price surges ~22% in the next week.

• The 6-month lock-up expiry will lift the fcap closely above the threshold significantly increasing the probability of inclusion at the March 2025 review.

• If the mcap qualifies for the small-cap segment, its inclusion is possible at the November 2024 review due to lower fcap requirements.

🇹🇼 Taiwan Semiconductor (TSMC) Crushes Q3 Expectations with 54% Profit Surge—What’s Fueling This Chip Giant’s Growth? (Smartkarma) $

• Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) has reported a robust performance in the third quarter of 2024, underscored by significant revenue growth driven by both smartphone and AI-related demand.

• The company's industry-leading 3-nanometer and 5-nanometer technologies have been at the forefront of this demand surge.

• Revenue for the third quarter increased sequentially by 12.8% in New Taiwan dollars, reflecting not only strong demand but also higher capacity utilization and cost improvement efforts.

🇰🇷 Woori Financial: This Rally Has Legs (Seeking Alpha) $ 🗃️

• Woori Financial Group (NYSE: WF) - Commercial bank. Range of financial services to individual, business & institutional customers.

🇰🇷 Korea Zinc’s Buyback Likely Hit Half Target—Watch for Next Moves (Smartkarma) $

• Korea Zinc (KRX: 010130)’s delayed final buyback results, but Yeouido rumors say the tender rate hit just over 10% of shares, half the target—meaning all tenders get accepted.

• With 7-10% liquidity still in play, an open market buying race could heat up—keeping Korea Zinc’s stock elevated today, same as yesterday.

• Will extra float lead to a fresh tender? Unlikely, given fiduciary risk. Choi might go solo, but MBK countered, squeezing him. Likely outcome: open market buildup, shareholder showdown.

🇰🇷 Korea Zinc: Remaining Free Float Post Tender and a Margin Call for Choi on Young Poong Precision? (Douglas Research Insights) $

• According to Korea Zinc (KRX: 010130), it plans to disclose the treasury shares tender offer results on 28 October.

• We discuss the remaining free float after the tender offer and the probabilities of share price decline or even a share price squeeze post announcement of the tender offer results.

• All in all, this M&A fight for Korea Zinc remains tight with a slight advantage to MBK/Young Poong Precision Corporation (KOSDAQ: 036560) alliance.

🇰🇷 Korea Zinc: Court Dismisses the Second Injunction Filed by MBK (Douglas Research Insights) $

• The Seoul Central District Court dismissed the second injunction filed by MBK Partners and Young Poong Precision Corporation (KOSDAQ: 036560) to suspend the share buyback/tender offer by Korea Zinc Chairman Choi and his allies.

• As a result of the court dismissing the second injunction filed by MBK, the M&A fight for Korea Zinc (KRX: 010130) is likely to continue until the AGM in March 2025.

• Depending upon Korea Zinc's tender offer subscription, there is a possibility of MBK buying more shares directly from the market if the subscription falls below the proposed amounts.

🇰🇷 KOSPI 200 Rebalance in December 2024 Highlighted by Locals (Douglas Research Insights) $

• In this insight, we discuss stocks that are highlighted in the local media as potential inclusion and exclusion candidates in the KOSPI 200 rebalance in December 2024.

• Stocks that are expected to be included in the KOSPI 200 index include Hyosung Heavy Industries Corp (KRX: 298040), APR Co Ltd (KRX: 278470), Miwon Commercial (KRX: 002840), and OCI Holdings (KRX: 010060).

• Stocks that have been discussed as the most likely exclusion candidates in the KOSPI 200 rebalance include Lotte Tour Development (KRX: 032350), MS Industrial, Young Poong Precision Corporation (KOSDAQ: 036560), GC Holdings, and KG Donbu Steel (KRX: 016380).

🇰🇷 SK Telecom: Meaningful Value Up Announcement (Douglas Research Insights) $

• SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) announced through a value-up disclosure that it will return more than 50% of its net profit to shareholders from 2024 to 2026.

• SK Telecom also mentioned that it plans to achieve ROE of 10% or more by 2026.

• The company is now targeting 30 trillion won in revenue by 2030 with about 35% of total revenue coming from the AI business.

🇰🇷 New Reorganization Plan Increases Overhang Risk for Doosan Bobcat (Douglas Research Insights) $

• Our overall assessment of the new reorganization plan by the Doosan Group continues to be Negative, because Doosan has not given up trying to eventually merge Doosan Bobcat (KRX: 241560) and Doosan Robotics (KRX: 454910).

• Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.

• We have also provided three main recommendations on how to raise the valuation of Doosan Bobcat without rushing to merge Bobcat and Robotics.

🇰🇷 The Born Korea IPO Book Building Results Analysis (Douglas Research Insights) $

• [Global catering company] The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price range.

• A total of 2,216 institutions participated in the IPO demand forecast and the competition rate was 734 to 1.

• According to our valuation analysis, it suggests a base case implied price of 40,230 won, which is 18% higher than the IPO price.

🇰🇷 Orum Therapeutics IPO Valuation Analysis (Douglas Research Insights) $

• Our base case target price for Orum Therapeutics is 35,170 won per share, which is within the IPO price range of 30,000 won to 36,000 won per share.

• Given the lack of upside relative to the target price, we have a Negative View of this IPO.

• FSS has requested correction to the company's IPO prospectus. As a result, it now appears the IPO could be delayed.

🇰🇷 Kwak Noh-Jung and the Rise of SK Hynix (Rock & Turner Investment Partnership)

• SK Hynix (KRX: 000660) is a market leader in high-bandwidth memory, working with NVIDIA to power the AI revolution. But is it a good investment? Let’s dive in and find out.

• Kwak Noh-Jung’s leadership at SK Hynix has been characterized by a strong emphasis on innovation, collaboration, and talent development. His technical expertise and distinctive management approach have propelled the company to a leading position in the semiconductor industry, particularly in the areas of high-bandwidth memory and AI semiconductors. With continued investments in advanced technologies and an expanding network of global partnerships, SK Hynix is poised to maintain its competitive edge in the fast-changing tech landscape.

• However, the semiconductor industry has historically consumed as much capital as it has generated, and this trend seems likely to persist. Despite the consolidation of the sector into a three-way oligopoly, it remains uncertain whether these dominant players will fully leverage their position to create truly outstanding businesses from an economic viewpoint.

🇲🇳 AZ9 Unearths a Copper Monster in Mongolia (Equities Club)

• Asian Battery Metals hits massive sulphide intercept at shallow depth, just as copper giants are scrambling for supply

• Asian Battery Metals (ASX: AZ9 / FRA: UKN) released something exceptional today - a globally significant copper discovery. This isn't just another drill result, this discovery is the kind that catapults a junior explorer’s share price.

• Discoveries of this calibre are rare. We're talking once-a-decade type stuff.

🇮🇩 PT Cisarua Mountain Dairy (CMRY): Rising Star in Indonesia’s growing Dairy Market (RhinoInsight)

• A high-quality business with above average growth, margins and multiple competitive advantages

• Founded in 1992, Cisarua Mountain Dairy (Cimory) (IDX: CMRY), also known as Cimory, has become one of the Indonesia’s leading producer of premium dairy products, mainly active in Java, Bali, and other densely populated areas.

• In a pre-IPO interview, Founder Bambang Sutantio emphasized the critical importance of distribution networks in Indonesia due to the country's weak infrastructure. Cimory has capitalized on this by building a distribution network that leverages multiple channels, such as modern trade (supermarkets and hypermarkets) and rapidly growing general trade (wholesalers and small privately owned stores) with over 120,000 outlets across the country.

🇸🇬 Frasers Centrepoint Trust: Little Surprises With Recent Results (Seeking Alpha) $ 🗃️

• Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) - REIT. One of the largest suburban retail mall owners in Singapore. 🏷️

🇸🇬 Mapletree Industrial Trust: A Data-Center-Rich S-REIT Beating U.S. Peers (Seeking Alpha) $ 🗃️

• Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF) - Primarily for industrial purposes in Singapore + data centres worldwide. Singapore & Japan. 🏷️ 

🇸🇬 Karooooo: Southeast Asian Opportunity Indicates Strong Growth Prospects (Seeking Alpha) $ 🗃️

• Karooooo (NASDAQ: KARO) - Leading provider of an on-the-ground operations cloud that maximizes the value of data. The Cartrack SaaS platform provides insightful real-time data analytics & business intelligence reports. 🏷️

🇸🇬 4 Singapore Stocks with Dividend Yields Exceeding Treasury Bills and Singapore Savings Bonds (The Smart Investor)

• Here are four Singapore stocks that pay a higher dividend yield than what you can earn from treasury bills or Singapore Savings Bonds.

  • Haw Par (SGX: H02 / OTCMKTS: HAWPF) is a conglomerate that has four divisions – Healthcare (represented by the famous Tiger Balm brand), leisure, property, and investments.

  • Sheng Siong (SGX: OV8 / OTCMKTS: SHSGF) is one of Singapore’s largest supermarket operators with 73 outlets across the island.

  • StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) is a telecommunication company that offers mobile, broadband, and pay TV services to individuals and also cybersecurity services for corporations.

  • Delfi Limited (SGX: P34 / OTCMKTS: PEFDF) is a food manufacturer that produces and distributes chocolates and other confectionary in countries such as Indonesia, Malaysia, and the Philippines.

🇸🇬 LVS flags US$8bln investment in Marina Bay Sands IR2 (GGRAsia)

• Casino operator Las Vegas Sands (NYSE: LVS) plans to spend US$8.0 billion to develop the second phase of its Marina Bay Sands complex in Singapore.

• The new phase – dubbed “MBS IR2″, standing for ‘integrated resort’ – will include a fourth tower (pictured left in a rendering) with over 570 rooms, additional casino space, a 15,000-seat arena, a sky roof, retail, restaurants, and about 110,000 square feet (10,219 sq. metres) of space for meetings and exhibitions.

• The new price tag for the second phase of Marina Bay Sands, up from the original US$3.3 billion investment announced in 2019, comprises US$2.0 billion in total land premiums, and an estimated US$4.7 billion in design, construction and other related costs.

🇮🇳 HDFC Bank: The Clouds Are Finally Clearing (Rating Upgrade) (Seeking Alpha) $ 🗃️

• HDFC Bank (NYSE: HDB) or Housing Development Finance Corp - One of India’s leading private banks. Nationwide distribution network. 🏷️

🇮🇳 MakeMyTrip: Overvalued With High Customer Acquisition Costs And Intense Competition (Seeking Alpha) $ 🗃️

• Makemytrip (NASDAQ: MMYT) - Online travel services.

🇮🇳 Infosys: Mixed Results And Murky Outlook (Seeking Alpha) $ 🗃️

🇮🇳 Infosys: Growth Should Inflect Positively In The Coming Quarters (Seeking Alpha) $ 🗃️

• Infosys (NYSE: INFY) - IT outsourcing services.

🇮🇳 Swiggy IPO: Valuation Slashed Again. Navigating Market Volatility and Zomato's USD1Bn Play (Smartkarma) $

• Swiggy (1255298D IN)'s IPO valuation has reportedly been lowered to USD11.3 billion versus initial USD15 billion, creating a sharp contrast with Zomato's USD 26 billion enterprise value despite comparable scale.

• Market volatility, weak investor sentiment, upcoming U.S. elections, and Zomato Limited (NSE: ZOMATO / BSE: ZOMATO)’s USD1 billion QIP may have driven Swiggy to cut its valuation.

• Swiggy is expected to begin IPO marketing mid-next week, with the IPO opening on November 6th and listing on November 13th.

🇮🇳 Swiggy IPO: Zomato's USD 1bn Fundraise Signals Looming Quick Commerce Challenges (Smartkarma) $

• Zomato Limited (NSE: ZOMATO / BSE: ZOMATO)'s proposed USD 1 billion fundraise highlights several potential risks for Quick Commerce players, including Swiggy (1255298D IN).

• Beyond heightened competition, majority foreign-owned Quick Commerce businesses including Swiggy could face regulatory hurdles if classified as multi-brand retail, limiting their foreign ownership.

• Investors may fear about Swiggy’s regulatory risks and profitability struggles in this competitive landscape, which could dampen investor enthusiasm and IPO valuation.

🇮🇳 Hyundai Motor India IPO: Little Downside. Low Retail Interest-Myopia, Misguidance, Misinterpretation (Smartkarma) $

• Hyundai Motor India (NSE: HYUNDAI / BOM: 544274) is expected to close flat or slightly positive today, as low retail participation and modest expectations for gains on listing day could limit selling pressure.

• Many retail investors skipped the IPO, influenced by 'finfluencers' who had largely advised against it based on misinterpreted valuation comparison with Maruti Suzuki (NSE: MARUTI / BOM: 532500).

• Hyundai Motor India's meaningful discount to Maruti Suzuki on operating profit based valuation multiples suggest room for outperformance in the medium term.

🇮🇳 Hyundai Motor India: Trading Strategy on the First Day of Trading (Douglas Research Insights) $

• Hyundai Motor India (NSE: HYUNDAI / BOM: 544274) shares start trading on 22 October. The IPO price is 1,960 INR.

• Although there has been some solid interest on this IPO among many institutional investors, there have been a lower interest among retail investors.

• There has also been relatively low grey market premium. If the share price reaches in the positive upper single digits, we expect many traders to sell into this short-term rally.

🇮🇱 Teva: Great Time To Buy Leading Generic Drugmaker With Growth Indicators And Lower Debt (Seeking Alpha) $ 🗃️

• Teva Pharmaceutical Industries Ltd (NYSE: TEVA) - Branded-drugs, active pharmaceutical ingredients, contract manufacturing services & out-licensing platform.

🇹🇷 TAV Airports Stock Tumbled 20% But I Remain Bullish (Seeking Alpha) $ 🗃️

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

🇿🇦 What’s the Best Investment You’ve Never Heard Of? (GHGInvest)

• How a $32 Million Bet on Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / OTCMKTS: TCEHY) Became a $133 Billion Fortune: The Power of Patience, Conviction, and Knowing When to Do Nothing

• Most people have no idea who the biggest shareholder of Tencent is. They assume it’s a Chinese billionaire or a big tech firm. Wrong. It’s Naspers (JSE: NPN / FRA: NNWN / OTCMKTS: NPSNY)—a South African media company that nobody even associates with cutting-edge technology. It’s like hearing that your local bakery owns 30% of Apple.

• So how did this unknown company land the investment of a lifetime? By doing the one thing almost every investor screws up: sitting tight. Seriously, that’s it. They just sat on their hands while everyone else played musical chairs.

🇿🇦 SA listed property: Is a structural turnaround in the price? (IOL)

• After half a decade in the doldrums, South African (SA) listed property appears to have finally turned a corner, with year to date (28.9%) and one year (55.0%) returns outstripping those of other domestic asset classes.

• Of the major SA property sub-sectors, modern logistics space has the most attractive underlying fundamentals. Ongoing supply chain optimisation by the country’s largest retailers and growth in e-commerce off a low base, present a solid demand underpin for best-in-class warehousing. Simultaneously, there is a clear shortage of supply in new warehouse space in the major metropoles given land scarcity and elevated construction costs.

• Fortress A and B (JSE: FFA / JSE: FFB): A shift towards logistics

• Attacq (JSE: ATT)’s retail edge

• Growthpoint (JSE: GRT): Navigating headwinds

🇿🇦 Major retail shift: Boxer's R8bn IPO to bolster Pick n Pay's recovery (IOL)

• Retailer Pick 'n Pay (JSE: PIK / FRA: PIK) announced on Monday that its discount grocery division, Boxer, will proceed with a long-anticipated public listing on the JSE and the A2X by the end of the year.

• This move, aimed at generating between R6 billion and R8bn, is part of Pick n Pay’s broader financial restructuring and turnaround strategy as it works to stabilise its core business and boost long-term shareholder value.

🇿🇦 Clicks Group reports R4.2bn profit, outperforms JSE Top 40 over 10 years (IOL)

• [Drug retailer Clicks] Clicks Group (JSE: CLS / FRA: N1C / OTCMKTS: CLCGY)’s resilience in tough consumer environments was proven again in the year to August 2024 after it lifted trading profit by 15.1% to R4.2 billion for the year to August 2024, expanding margins, generating strong cash flows and delivering industry-leading shareholder returns.

• The results were above management expectations and continued a trend where the group has produced an 18.5% compound annual growth rate in shareholder returns over 10 years, which was well ahead of the average 5.1% return of the Top 40 companies over the same period and 7.1% return from the group's peers, CEO Bertina Engelbrecht said in an interview yesterday.

🇿🇦 Famous Brands pays dividend after navigating weak consumer environment (IOL)

• Food services franchiser Famous Brands Ltd (JSE: FBR) is heading in a better direction in the second half of its financial year, with incremental gains, following a relatively subdued first six-month performance, CEO Darren Hele said yesterday.

• The group, which owns many of South Africa's iconic restaurant brands, including Steers, Mug & Bean and Fishaways, raised its interim dividend 9% to 150 cents, reflecting a stable financial position, performance and cash flows.

🇵🇱 InPost – polish highflier transforms Europe’s parcel delivery market (Financial Engineering)

• Summary and key takeaways from today’s Weekly

  • InPost (AMS: INPST / LON: 0A6K / FRA: 669) is rolling up the Western-European parcel delivery market.

  • Interesting growth story with strong execution so far. The cherry on the cake is the recent takeover announcement in the UK.

  • However, the stock is expensive with some other negatives which led me to pass on this one.

🇧🇶 🇳🇱 HAL Trust | Greatly undervalued Dutch holding company (The Dutch Investors)

• HAL Trust (AMS: HAL / FRA: HA4 / OTCMKTS: HALFF) is a Dutch holding company with a focus on long-term value creation through strategic investments. The firm owns stakes in roughly 30 companies, spanning various industries, with a particular emphasis on maritime (sea-related) services.

• The two flagship companies in HAL's portfolio are:

  • Boskalis: specializes in dredging and offshore energy.

  • Vopak: manages terminals for oil and gas storage.

🌎 Millicom: Excellent Outperformance On A Too Small Position (Seeking Alpha) $ 🗃️

• Millicom (NASDAQ: TIGO) - Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼 🏷️

🌎 Globant Is A Great Business, But There's Not Enough Value To Buy (Seeking Alpha) $ 🗃️

• Globant (NYSE: GLOB) - Luxembourg HQ’d. Argentina-founded IT & software development with a presence in 25+ countries. 🏷️

🇦🇷 Want To Invest In Argentina's Comeback? Buy Loma Negra (Seeking Alpha) $ 🗃️

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

🇧🇷 Why Some Investors Should Consider Buying Nu Holdings Stock (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: A Formidable CEO Interview And New Risks (Seeking Alpha) $ 🗃️

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

🇧🇷 Is NuBank Disrupting Traditional Banking? (PatchTogether Investing)

• NuBank’s culture is all about fighting complexity and empowering people. But could it become more than just a bank? Think of how Amazon went from selling books to becoming the everything store—one of the most valuable companies in the world. There’s a real parallel between NuBank’s founder, David Vélez, and Jeff Bezos. Both are customer-obsessed visionaries who thrive on shaking up industries. Just like Amazon, NuBank is expanding into other areas like ecommerce and MVNO (mobile virtual network operator).

🇧🇷 Prio: Addressing The Latest Setbacks (Seeking Alpha) $ 🗃️

• Prio SA (BVMF: PRIO3) - Largest indepedent oil & gas production company in Brazil.

🇧🇷 CI&T: Well Positioned To Capture Digital Transformation Demand (Seeking Alpha) $ 🗃️

• CI&T Inc. (NYSE: CINT) - Digital transformation consulting & engineering services company.

🇧🇷 BHP reaches settlement over 2015 Brazilian dam collapse, CEO calls it a “terrible tragedy” (IOL)

• BHP Group (NYSE: BHP) CEO Mike Henry has acknowledged the devastating impact of the 2015 collapse of the Fundão dam during a joint venture operation in Brazil, following years of litigation and public scrutiny.

• Speaking on Friday, Henry termed the incident a “terrible tragedy” as BHP announced it had reached final settlement agreements with Brazilian authorities.

• This move comes after a protracted battle over accountability that had seen BHP face numerous demands for compensation and multiple legal challenges across various jurisdictions.

• Together with Vale (NYSE: VALE), BHP jointly owns the Samarco iron ore mine in Brazil.

🇲🇽 Volaris: Operational Resilience Amid Fleet Issues Underscores Significant Potential (Seeking Alpha) $ 🗃️

• Controladora Vuela Compania de Aviacion SAB de CV (NYSE: VLRS) or Volaris - Ultra-low-cost carrier that operates in Mexico, USA, Central & South America. 🏷️

🇲🇽 Lithium Americas Argentina: Our Largest And Most Bullish Holding (Seeking Alpha) $ 🗃️

• Lithium Americas (NYSE: LAC) - Focused on advancing lithium projects in Argentina & USA to production. 🇼 🏷️

🇲🇽 First Mexican special situation & buying emerging market subsidiary for hefty discount instead of premium (Bos Invest Substack)

• Servicios Javer is a profitable construction business at a cheap valuation and at a discount to the acquisition price. Kimberly-Clark de Mexico is trading at an attractive valuation.

  • Industrias CH SAB de CV (BMV: ICHB / OTCMKTS: ICHBF) is an industrial conglomerate with a focus on steel

  • Servicios Corporativos Javer SAB De CV (BMV: JAVER) is a Mexican construction company. The Mexican construction industry has been challenged for years. There are signs of hope though.

  • Kimberly-Clark de México SAB de CV (BMV: KIMBERA / OTCMKTS: KCDMY / KCDMF) is a producer of diapers, tissues and paper towels.

  • Grupo Kuo SAB de CV (BMV: KUOA / KUOB / OTCMKTS: GKSDF) is a mixed financial holding company with fluctuating profitability. I do not see clear synergies between pork meat, rubber and automotive transmissions.

  • Genomma Lab Internacional SAB de CV (BMV: LABB / FRA: GEKA / OTCMKTS: GNMLF) is selling over the counter medicines and has an personal care and beverage business.

  • La Comer SAB de CV (BMV: LACOMERUBC / OTCMKTS: LCMRF) runs 84 food stores in Mexico. The company focuses on more affluent Mexican consumers and has been growing from 54 stores in 2016.

🌐 4 Reasons Holding Glencore Back (Rating Downgrade) (Seeking Alpha) $ 🗃️

• Glencore (LON: GLEN / JSE: GLN / FRA: 8GC / OTCMKTS: GLNCY / OTCMKTS: GLCNF) - Swiss commodity behemoth operating in 35+ countries around the world. 🏷️

---

📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Archived article

🇨🇳 In Depth: Banks worry individuals are using loans to ride stock market boom (Caixin) $

• Chinese banks are increasing scrutiny of retail loans out of concern that they are being misappropriated to invest in the stock market, after demand for personal borrowing shot up amid the recent stimulus-fueled rally.

• When stock exchange boards become a sea of green, the opportunities to cash in are too good to pass up for some. Despite regulators making clear that bank loans must not be used to buy stocks, and lenders specifying restrictions to the same effect, some borrowers are still using consumer loans or personal business loans to hop on the bull-market bandwagon.

🇨🇳 How I Navigate the Chinese Stock Market Right Now (Investing in China)

• Cutting Through the Noise and Exploiting the Volatile Market

• This week’s article will be a little different from the usual. I’m sharing a page straight from my investment diary. Although this entry is already three weeks old, I wouldn’t change a thing. China has been a whirlwind lately—press conferences rattling markets, sweeping policy announcements, and a flood of opinions from all directions. While I don’t usually focus on macroeconomics, when investing in China, politics and policies are critical factors you simply can’t overlook.

🇨🇳 Growing China EV sales challenge insurer profits (The Asset) 🗃️

• China’s new energy vehicle (NEV) market has grown fast in recent years with about one in three automobiles sold in the country last year an NEV, according to data from China Association of Automobile Manufacturers.

• This sizable market should be a boon for motor insurers in China. However, a recent report by Moody’s finds that the growing insurance premiums from NEVs do not necessarily mean growing profitability. On the contrary, the report points out that motor insurers will face challenges of limited underwriting margins in the short term due to hard-to-adjust premium prices and mispriced risk; and, as a result, they need to update the existing car insurance model to secure their positions and profit in the expanding NEV market.

🇭🇰 A new definition for independent directors – Part 1 & A new definition for independent directors – Part 2 (Bamboo Works) $

• Improving the Corporate Governance Code will provide much-needed reform for boards of listed companies, while also updating responsibilities for independent directors

• This is the second part of a two-part series about independent director reform. To read the first part, click here

🇲🇾 Tech giants spur Malaysia’s data centre boom (The Asset) 🗃️

• Market sees fastest growth in Asia-Pacific on ample land resources and government support

🇦🇷 Global copper rush draws investors to Argentina’s untapped deposits (FT) $ 🗃️

• Miners are finally willing to give backing despite logistical difficulties and uncertainty over the economy

🇧🇷 São Paulo loss caps dismal local elections for Brazil’s Lula (FT) $ 🗃️

• Defeat of candidates backed by leftwing president at regional level weakens his own re-election prospects

🇺🇾 Uruguay heads for tight presidential run-off vote, rejects pension reform (Reuters)

• Center-left Orsi tops first round vote, run-off needed

• Pension reform referendum to lower retirement age struck down

• Second round presidential election likely to be closely fought

🇺🇾 Uruguay Elections

🌐 Event-driven investing at macro scale (TheOldEconomy Substack)

• Critical minerals as an asymmetric opportunity

🌐 Russia's Landmark BRICS Summit And The Specter Of De-Dollarization (Epoch Times via Zerohedge)

• “We do not reject … the dollar,” Russian President Vladimir Putin said at the summit. “But if we are prevented from working with it, what do we have to do? We have to search for alternatives. And this is what is happening.”

• Most Western experts, however, dismiss the idea of de-dollarization as unrealistic, if not downright impossible given the greenback’s longstanding position as the world’s standard currency for commercial transactions.

• “To build an alternative financial clearing system to accommodate transactions in rubles or yuan may be possible for BRICS members—but it’s a long shot,” Ariel Cohen, a senior fellow at the Atlantic Council, a Washington-based think tank devoted to international affairs, told The Epoch Times.

🌐 BRICS Just Dropped A Manifesto For The New World Order (Zerohedge)

• For the first time, the group’s unified vision of the current state of the international system is set out in detail.

• The Declaration is a voluminous document containing 134 paragraphs, some of which are quite long. The statement adopted at the previous summit in Johannesburg in August 2023, contained only 94 paragraphs, and a document, adopted in Beijing in July 2022 had 75. Thus, year by year the outcome has become increasingly detailed and, as it is now customary to say, substantive, reflecting the gradual increase in the intensity of the group’s engagement and the broadening of the substantive scope of its multilateral cooperation.

• The Kazan Declaration consists of a preamble and four sections dealing with:

  • (1) strengthening multilateralism,

  • (2) global and regional security,

  • (3) financial and economic cooperation, and

  • (4) humanitarian exchanges.

🌐 Chinese leader Xi Jinping urges Brics to lead ‘urgent’ international finance reform (SCMP) 🗃️

• Xi tells annual summit in Russia that the bloc of emerging economies should also lead the way in overhauling global governance

🌐 Can BRICS Deliver On Its Promises? (OilPrice.com)

• Putin is using the BRICS summit to project strength and counter Western isolation, while also pushing for initiatives like an alternative payment system and grain exchange.

• BRICS members are divided on their approach to the West, with some seeking to reform the current international order and others aiming to dismantle it.

• Despite its growing economic influence, BRICS faces internal challenges and a mixed track record in achieving its goals.

🌐 BRICS Bridge & BRICS Clear, new financial architecture (The Duran) 37:57 Minutes

---

📅 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

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

• Namibia Namibian Presidency Nov 27, 2024 (d) Confirmed Nov 27, 2019

• Namibia Namibian National Assembly Nov 27, 2024 (d) Confirmed Nov 27, 2019

• Romania Romanian Senate Dec 1, 2024 (t) Confirmed Dec 6, 2020

• Romania Romanian Chamber of Deputies Dec 1, 2024 (t) Confirmed Dec 6, 2020

• Ghana Ghanaian Presidency Dec 7, 2024 (t) Confirmed Dec 7, 2020

• Ghana Ghanaian Parliament Dec 7, 2024 (t) Confirmed Dec 7, 2020

• Croatia Croatian Presidency Dec 31, 2024 (t) Date not confirmed Jan 5, 2020

• Thailand Referendum Feb 2, 2025 (t) Date not confirmed Aug 7, 2016

---

📅 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):

WeRide Inc. WRD Morgan Stanley/ J.P. Morgan/ CICC, 7.7M Shares, $15.50-15.50, $120.0 mil, 10/25/2024 Priced

Our Mission: To transform urban living with autonomous driving. (Incorporated in the Cayman Islands)

We believe WeRide’s autonomous driving technology is among the most advanced and commercially proven in the world, designed to cater to a broad spectrum of scenarios from urban environments to highways. Empowered by the smart, versatile, cost-effective and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services from L2 to L4, addressing the vast majority of transportation needs across the widest range of use cases on open road, including in mobility, logistics, and sanitation industries. WeRide is the most commercially successful L4 autonomous driving company globally as measured by commercialization revenue in 2021, 2022 and 2023. In September 2023, WeRide earned a prestigious position among the Top 10 on Fortune Magazine’s “2023 Change the World” list. This recognition highlights our profound impact on society and the global environment through groundbreaking innovations and sustainable business practices, placing us alongside industry giants like Tesla and General Motors.

WeRide is a global leader and a first mover in the autonomous driving industry. WeRide has achieved many first-of-its-kind milestones:

• First autonomous driving company in the world with products operating and testing in 30 cities across seven countries;

• The only autonomous driving company in the world to obtain test permits for autonomous driving vehicles in four countries;

• First company in the world to offer paid L4 robotaxi services to the public with the longest operation track record;

• First company in the world to develop a purpose-built L4 robobus designed for open road, as well as the first to launch driverless robobus services on open road to the public;

• First company in the world to develop an L4 robovan dedicated to intra-city delivery of goods and to obtain test driving permit for the robovan on open roads;

• First company in the world to develop a purpose-built L4 robosweeper designed for open road as well as the first to launch driverless robosweeper urban cleaning services;

• First autonomous driving company in the world to accumulate 10,000 purpose-built L4 autonomous driving vehicle orders, and the most advanced in commercialization milestones across industries; and

• The only autonomous driving company to achieve mass production of an ADAS solution within 18 months into development, the quickest among peers.

From Day One, we decided to tackle the challenges of commercial viability, practicability and scalability of autonomous driving. We believe innovation does not flourish in a vacuum, but rather must be applied in real world settings. Therefore, we embarked on a relentless pursuit of product and service offerings that are deployable, rather than experimental, commercializable, rather than conceptual, with the commitment to delivering premium products and services for our customers in various industries. This was not an easy path, but has been proven to be the right one.

We endeavor to unlock the true power of autonomous driving by building our WeRide One platform, our foundation model and business backbone empowered by advanced smart models and our unparalleled experience from open-road operations. Our diverse fleet of L4 autonomous driving vehicles across full-range use cases serve as the strongest testimony to the versatility, reliability and commercial readiness of our technology. Our industry-leading WeRide One platform is highly universal and scalable, facilitating easy deployment across various vehicle types and applications under different urban environments. Furthermore, leveraging our AI capabilities, we further empowered our platform through our latest end-to-end smart models, which excel in complex perception, prediction, and planning tasks with great efficiency. Our powerful and versatile analytical capabilities embedded within the WeRide One platform have been instrumental to us in building our own smart models and providing additional value-added services to our existing Tier-1 suppliers. Our technological advancement has successfully created a flywheel effect where it allows us to efficiently maintain our leading position with disciplined resource investment.

In addition, we have been accelerating the commercialization of our technology by forging strategic alliances with our ecosystem partners, including world-class vehicle OEMs, Tier 1 suppliers, logistics and urban service providers, among many other key stakeholders across the industry. 

Today, WeRide operates one of the world’s largest autonomous driving fleets and has been delivering and expanding its provision of L4 autonomous driving services, including in the mobility, logistics and sanitation industries. Its L4 autonomous driving vehicles are capable of navigating dense urban environments, operating all day and under all weather conditions. Its capabilities to operate autonomous driving vehicles under all weather conditions and environments are evidenced by its global presence and accident-free track record. WeRide’s autonomous driving vehicles are test running and conducting commercial pilots in 30 cities and seven countries across Asia, the Middle East and Europe. WeRide is the L4 autonomous driving company with operations in the most countries. Its leadership in L4 autonomous driving technology has also positioned it well for the development of cutting-edge ADAS solutions, where it partners with Bosch, the world’s largest Tier 1 supplier by market share, and has successfully commercialized a state-of-the-art ADAS solution.

Note: Net loss and revenue are in U.S. dollars (converted from China’s renminbi) for the 12 months that ended June 30, 2024.

(Note: WeRide upsized its IPO at pricing to 7.74 million American Depositary Shares (7,742,000 ADS) – up from 6.45 million ADS in the prospectus – and priced the IPO at $15.50 – the low end of its $15.50 to $18.50 price range – to raise $120.01 million on Thursday night, Oct. 24, 2024. Background: WeRide filed an amended  F-1/A on Aug. 27, 2024, with the same terms as the original filing: The company is offering 6.45 million ADS (6,452,000 American Depositary Shares) at a price range of $15.50 to $18.50 to raise $109.68 million ($109,684,000).) 

(Background Note: WeRide postponed its IPO again on Thursday, Aug. 22, 2024, ahead of pricing. Note: WeRide postponed its IPO on Thursday, Aug. 15, 2024, hours ahead of  pricing, which had been expected after the closing bell that night.)

(Background Note: WeRide filed an F-1/A dated Aug. 20, 2024. Background: WeRide filed an F-1/A on Aug. 9, 2024, and disclosed the terms for its IPO: 6.45 million American Depositary Shares (6,452,000 ADS) at a price range of $15.50 to $18.50 to raise $109.68 million. Each ADS equals three Class A ordinary shares. Background: WeRide filed its F-1 on July 26, 2024, without disclosing the terms for its IPO. Estimated proceeds are $100 million, a placeholder figure.)

Brazil Potash Corp. GRO Cantor/ Bradesco BBI/ Freedom Capital Markets/Roth Capital Partners, 4.3M Shares, $15.00-18.00, $70.1 mil, 10/28/2024 Week of

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

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

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

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

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

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

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

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

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

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

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

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

MISSION

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

CORPORATE HISTORY AND STRUCTURE

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

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

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

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

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

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

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

(Note: Creative Global Technology Holdings Limited reduced its IPO’s size to 1.25 million shares – down from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $5.63 million ($5.625 million) in an F-1/A filing dated March 22, 2024.)

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

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

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

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

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

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

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

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

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

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

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

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

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

(Incorporated in the Cayman Islands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Incorporated in the Cayman Islands)

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

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

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

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

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

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

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

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

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

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

---

🏁 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 28, 2024) was also published on our website under the Newsletter category.

---

---

---