Emerging Market Links + The Week Ahead (October 7, 2024)
The investing herd rushes back into China, the fight over Korea Zinc, Malaysian political winds, Indian companies cash in on China troubles, EM stock picks and the week ahead for emerging markets.
China's sudden rally is sucking money from rest of Asia (Bloomberg via Zerohedge 🗃️) - a look at some SE Asian currency charts seems to confirm this (e.g. the Ringgit had rallied to touch below the 4.10 level last week, but closed on Monday at the 4.28 level).
There has also been some recent or renewed investor interest in Malaysia. On Sunday, I had attended the annual Latin American Festival Malaysia. Unlike in previous years, there was noticeably no participation or sponsorship by the Department of Tourism, DBKL (the local government), or any local politicians/officials in attendance (although there was a write-up about the event in Bernama - the Malaysian news agency) and no Malaysian cultural performances. The same weekend, some local and foreign participants in the Pan Asia International Run in Johor Baru were arrested for dressing inappropriately plus its October, which, in the past, has meant Oktoberfest controversies…
With that in mind, the Murray Hunter Substack recently had two pieces (Anwar’s reformasi: ‘setting Malaysia back on the right path’ & Seismic shift in the Malaysian political landscape about to occur) speculating about the future political direction of Malaysia and the Anwar government that are worth reading by anyone interested in the country for any reason...
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🌐 Rondure New World + Overseas Fund EM Stock Holdings (Mid-2024) Partially $
A closer look at around 100 individual emerging market stock holdings of the soon to close Rondure New World Fund (MUTF: RNWOX / RNWIX) and the liquidated Rondure Overseas Fund (MUTF: ROSOX / ROSIX).
🌐 EM Fund Stock Picks & Country Commentaries (October 6, 2024) Partially $
Mainland buyers can now invest in NY listed Chinese internet stocks, China's declining index weight, India industry multiples, Malaysia more stable, rising EM ex-China company earnings, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 Shein’s elusive founder holds pre-IPO investor meetings in London (FT) $ 🗃️
Sky Xu’s pitch comes as fast-fashion group still awaits regulatory approvals
🇨🇳 CATL Chairman Sees Recycled Lithium as the Future of EV-Battery Making
Half of all lithium-ion batteries could be made with recycled lithium by 2042, according to the founder of power cell giant Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) +11.06%), who presented a vision of an eco-friendlier industry at a recent event.
Speaking at the World New Energy Vehicles Congress on Friday, Zeng Yuqun, also CATL’s chairman, highlighted the critical role power cells can play in driving the EV industry toward a zero-carbon future, saying that the sustainable development of the industry hinges on the use of recycled battery raw materials.
CATL’s battery recycling business has already taken shape, with a current annual capacity to process 270,000 tons of used batteries, Zeng said.
🇨🇳 🇧🇷 China's BYD Bold Move in Brazil’s Auto EV Market (Emerging Markets Today)
I invited two AI voices from Google’s new NotebookLM tool to join me for a conversation about one of my latest articles—how Chinese automaker BYD Company (HKG: 1211 / SHE: 002594 / OTCMKTS: BYDDY / BYDDF) is investing in Brazil’s electric vehicle market!
We dive into why a country famous for its ethanol cars is now a battleground for the EV revolution, and how BYD’s strategy to build local (instead of importing pricey models like Tesla) could be a game-changer.
You can read the full article here.
🇨🇳 TCL Acquires LG Display’s LCD Plants in Guangzhou as Industry Consolidates (Smartkarma) $
TCL Technology Group Corp (SHE: 000100)
(000100.SZ +7.51%), a leading Chinese electronics maker, has agreed to pay 10.8 billion yuan ($1.54 billion) to acquire LG’s two display factories in Guangzhou, as Chinese manufacturers strengthen their dominance in the liquid crystal displays (LCD).
TCL China Star Optoelectronics Technology (TCL CSOT), a subsidiary of TCL Technology, will acquire 80% of LG Display China and the entire stake of LG Display Guangzhou.
🇨🇳 TCL acquires LG Display’s LCD plants in Guangzhou as industry consolidates (Caixin) $
TCL Technology Group Corp (SHE: 000100), a leading Chinese electronics maker, has agreed to pay 10.8 billion yuan ($1.54 billion) to acquire LG’s two display factories in Guangzhou, as Chinese manufacturers strengthen their dominance in liquid crystal displays (LCD).
TCL China Star Optoelectronics Technology (TCL CSOT), a subsidiary of TCL Technology, will acquire 80% of LG Display China and the entire stake of LG Display Guangzhou. The purchase will also include LG Display (NYSE: LPL)’s related technology and supportive services.
🇨🇳 Logistics Shift to Quality Amid Evolved Ecommerce Plans (Smartkarma) $
Amid fierce low-price competition in 1H24, low-end couriers benefited from merchant demand for cheap logistics. However, new platform policies suggest greater emphasis on quality logistics and O2O in 2H24;
The shift towards higher-end logistics is manifesting through O2O. Spearheaded by Meituan (SEHK: 3690), O2O is an experiment to copy Coupang, Inc. (NYSE: CPNG)'s business model in China. We believe there is a sizable market;
We see ZTO Express (NYSE: ZTO) as best positioned amid the changing environment, JD Logistics (HKG: 2618) least impacted, with J&T Global Express Ltd (HKG: 1519 / SWB: J92) and SF Holding (SHE: 002352) in the least favorable positions.
🇨🇳 Tong Ren Tang Technologies (1666.HK) - Undervalued; Performance Will Rebound After a Brief Headwind (Smartkarma) $
Considering 23H1 high base, it can be understood that 24H1 achieved a low single-digit growth. If excluding gain on disposal of subsidiaries, net profit in 24H1 would have negative growth.
Mainland China contributed about 90% of total revenue, but an imminent risk is VBP, which will pose a challenge to the pricing autonomy of Tong Ren Tang Technologies Co Ltd (HKG: 1666 / FRA: TNG / OTCMKTS: TGRNF)’s OTC TCM drugs.
After absorbing the high base impact of 2023 this year, performance growth would return to double digits in 2025. Tong Ren Tang is undervalued. Reasonable valuation is P/E of 15.
🇨🇳 [Miniso (MNSO US, SELL, TP US$18) Rating Change]: We Took Our Stand on Yonghui Acquisition…DG2SELL (Smartkarma) $
Despite the drastic bull turn in Chinese equity sending MINISO Group Holding (NYSE: MNSO)’s share 41% from its trough, we see MNSO’s investment in Yonghui Superstores as a risk venture.
We believe the market has overestimated the scalability of the Pangdonglai rectification program for offline retail.
We downgrade the stock to SELL rating and cut TP to US$18/ADS
🇨🇳 Kindstar Globalgene finds bargain in solid tumor testing acquisition (Bamboo Works)
The testing services provider’s proposed $31.3 million purchase price for AnchorDx represents a heavy discount to the company’s earlier valuations
Kindstar Globalgene Technology (HKG: 9960)’s proposed acquisition of AnchorDx would allow it to quickly find a place in the field of testing for major solid tumors such as lung and gastric cancers
A business bump during the pandemic has given Kindstar ample resources to fund the purchase, including 2 billion yuan in cash at the end of June
🇨🇳 Shenzhen Mindray (300760 CH): Sustained Growth Momentum; China Recovery To Provide Further Filip (Smartkarma) $
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (SHE: 300760) reported double-digit growth in revenue and net profit in 1H24.
In-Vitro diagnostics and medical imaging systems segments drive performance, while patient monitoring and life support lagged.
International market continues to show strength, while China lingers for now.
🇭🇰 640:HK A Bargain Hidden Gem in Hong Kong (One foot hurdle)
Infinity Development Holdings Co Ltd (HKG: 0640) is a footwear adhesive manufacturer established in 1990. The adhesive industry, with proper management, offers companies a long runway for success. Since its listing in 2010, Infinity Development has demonstrated consistent earning power. This quality is often overlooked in Hong Kong, presenting an opportunity to own an extremely defensive company at a bargain price of EV/EBIT less than 2.
Investing in Hong Kong presents challenges. Personally, I have adjusted my expectations to target a 10+% annual return. Infinity’s dividend yield alone(~10.3%) exceeds that, and the company operates a mission-critical, defensive business that the market is unaware of. With an EV/EBIT ratio below 2, I believe the downside is limited.
🇭🇰 Q&A: Modern Dental (3600 HK) (Asian Century Stocks) $
Global provider of low-cost dental prosthetics.
A few months ago, the Substack newsletter Healthy Stock Picks wrote [Modern Dental Group (3600.HK) Global provider of low cost dental prosthetics] about Chinese dental prosthetics company Modern Dental Group Ltd (HKG: 3600 / FRA: 1MD) (现代牙科集团) (3600 HK - US$508 million) in an excellent report, which you can download here:
I wanted to check in with Mr Healthy Stock Picks to see what the thinks about the company today. And ask him a few questions that popped into my head when reading his deck. Let’s jump into it
🇭🇰 What To Do After Futu Holdings Stock Soared (Seeking Alpha) $ 🗃️
[Digitized brokerage and wealth management platform in China, Hong Kong, USA, etc] Futu Holdings Ltd (NASDAQ: FUTU)
🇭🇰 Jardine Matheson: Appealing, But China Remains A Problem Area (Seeking Alpha) $ 🗃️
Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF)
🇭🇰 Henderson Land: Spotlight On Rate Cut And Value Unlocking Moves (Upgrade) (Seeking Alpha) $ 🗃️
Henderson Land Development (HKG: 0012 / FRA: HLD / OTCMKTS: HLDCY / HLDVF)
🇲🇴 Melco Resorts Has Been Left Financially Distressed (Seeking Alpha) $ 🗃️
Melco Resorts & Entertainment Ltd (NASDAQ: MLCO)
🇲🇴 Further room for Macau casino op stock price recovery: CBRE (GGRAsia)
Despite the share prices of Macau’s casino operators soaring by an average of more than 20 percent over the past week, following China’s unveiling of its “most comprehensive stimulus package” since the Covid-19 pandemic, stock valuations “remain undemanding,” according to a note released on Wednesday by brokerage CBRE Capital Advisors Inc.
CBRE said it saw the stimulus package as a “green light” for investing in Macau’s gaming sector, with all operators expected to benefit. However, the brokerage favoured shares in Las Vegas Sands (NYSE: LVS) and Wynn Resorts Ltd (NASDAQ: WYNN), the respective parent companies of Macau-based operators Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) and Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF).
🇹🇼 Wired For Change: Foxconn's Tech Makeover Faces Growing Pains (Seeking Alpha) $ 🗃️
Foxconn Technology Co Ltd (TPE: 2354 / OTCMKTS: FXCOF)
🇰🇷 Tender Offer and Taking Private of Shinsegae E&C by E Mart (Douglas Research Insights) $
E-Mart Inc (KRX: 139480) is conducting a tender offer of 27.33% of Shinsegae Engineering & Construction Inc (KRX: 034300) (2,126,611 shares) and trying to take the company private afterwards.
The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
Tender offer is likely to result in higher price of Shinsegae E&C in the near term but it could be difficult for E Mart to take it private this year.
🇰🇷 End of Mandatory Lock-Up Periods for 39 Companies in Korea in October 2024 (Douglas Research Insights) $
We discuss the end of the mandatory lock-up periods for 39 stocks in Korea in October 2024, among which four are in KOSPI and 35 are in KOSDAQ.
These 39 stocks on average could be subject to further selling pressures in October and could underperform relative to the market.
The top three market cap stocks including those of which at least 1% of outstanding shares could be sold in October are Korea Zinc (KRX: 010130), Doosan Robotics (KRX: 454910), and Kolon TissueGene (KOSDAQ: 950160).
🇰🇷 Bain joins battle for control of world’s biggest zinc smelter (FT) $ 🗃️
Big commodities groups watching outcome as founding families vie for Korea Zinc (KRX: 010130)
🇰🇷 Choi Family Launches a Counter Tender Offer for Young Poong Precision (Douglas Research Insights) $
Choi family has launched a counter tender offer for Young Poong Precision Corporation (KOSDAQ: 036560) at the tender offer price of 30,000 won (20% higher than MBK's 25,000 won tender offer price).
The tender offer involves a plan to acquire 3,837,500 shares (24.36% of outstanding shares) of Young Poong Precision.
All eyes are on the court’s decision on the injunction application for ‘prohibition of acquisition of treasury stocks by Korea Zinc (KRX: 010130)’, which is expected to be announced on 2 October.
🇰🇷 Korea Zinc: Plans to Buy Back and Cancel Shares Worth 2.7 Trillion Won + Team Up with Bain Capital (Douglas Research Insights) $
Korea Zinc (KRX: 010130) plans to repurchase and cancel shares worth 2.663 trillion won. Korea Zinc's partner Bain Capital also plans to purchase around 430 billion won for a 2.5% stake.
Korea Zinc plans to buy back shares at 830,000 won per share, which is 11% higher than MBK's revised up tender offer price of 750,000 won.
Choi family/Bain Capital's efforts to conduct a massive share buyback and cancellation at higher prices than the market price goes against the globally accepted market practices.
🇰🇷 Legal Chaos Amid Young Poong Filing a Criminal Complaint Against Korea Zinc's BOD and What's Next? (Douglas Research Insights) $
Young Poong Precision Corporation (KOSDAQ: 036560) filed a criminal complaint against the board of directors of Korea Zinc (KRX: 010130) who voted in favor of the tender offer by buying back Korea Zinc's shares.
If Korea Zinc proceeds with the share buyback at higher price than the tender offer price by MBK, there are two main scenarios.
Trading Action Point: If Uncertain, Watch the Price Action in the Next Several Days
🇰🇷 MBK Raises Tender Offer Price of Young Poong Precision to 30,000 Won (Douglas Research Insights) $
MBK Partners announced that it is raising its tender offer price for Young Poong Precision Corporation (KOSDAQ: 036560) from 25,000 won to 30,000 won, matching Choi family's tender offer price of 30,000 won.
Accordingly, MBK's tender offer period for Young Poong Precision has been extended from 6 October to 14 October.
The revised up tender offer price of Young Poong Precision by MBK at 30,000 won is likely to result in boosting its stock price closer to the 30,000 won.
🇰🇷 MBK Raises Tender Offer Price of Korea Zinc to 830,000 Won (Douglas Research Insights) $
On 4 October, MBK Partners announced that it is raising its tender offer price of Korea Zinc (KRX: 010130) from 750,000 won to 830,000 won, matching Choi family's tender offer price.
As the price and conditions have changed, the tender offer period for Korea Zinc by MBK Partners and Young Poong will be extended by 10 days until 14 October.
Unless the Choi family makes another counter offer, upping the tender offer price even further, MBK/Young Poong is in a better position to win this M&A war for Korea Zinc.
🇰🇷 Impact on Korea Zinc's Balance Sheet and Debt Ratios Post Massive Debt Raise Proposed by Choi Family (Douglas Research Insights) $
We discuss the impact on the balance sheet and debt ratios of Korea Zinc (KRX: 010130)'s efforts to conduct a massive debt increase to buyback and cancel shares.
Although the Choi family may consider raising further debt to increase the tender offer price even further, we believe this could pose further balance sheet risk on Korea Zinc.
We provide sensitivity analysis of higher debt on the interest coverage ratios of Korea Zinc.
🇰🇷 Paradise Co’s Sept casino sales decline to US$46mln (GGRAsia)
Casino revenue at Paradise Co Ltd (KOSDAQ: 034230), which runs foreigner-only casinos in South Korea, fell by 14.4 percent sequentially to KRW61.61 billion (US$46.4 million) in September, the firm said in a Wednesday filing to the Korea Exchange. Judged year-on-year, such sales were 16.5 percent lower.
Paradise Co opened in mid-September a new VIP play area at its existing Seoul gaming property, Paradise Walkerhill Casino. It is the result of a revamp of a buffet restaurant on the second floor of the Grand Walkerhill Seoul hotel.
It will enable Paradise Co to “gain significant competitive advantage as a leading casino operator”, according to the group’s chief executive, Choi Jong Hwan.
🇰🇷 GKL casino sales up 3pct year-on-year in Sept (GGRAsia)
Casino sales in September at Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, increased by 3.0 percent year-on-year, to nearly KRW34.32 billion (US$25.7 million), the company said in a Friday filing to the Korea Exchange.
The latest monthly tally was however down 16.9 percent from the prior-month period.
In September, table-game sales were KRW31.60 billion, down 17.1 percent sequentially, and 4.9-percent higher from a year earlier.
Machine-game sales were nearly KRW2.72 billion, a 14.6-percent decline sequentially, and down 15.1 percent from a year ago.
🇮🇩 Indonesia’s coal producers diversify as money for mining dries up (FT) $ 🗃️
Exporters turn to nickel and aluminium with international pressure mounting for country to reduce reliance on fossil fuel
Harum Energy Tbk PT (IDX: HRUM / FRA: 44H) is one of Indonesia’s smaller coal producers, but it is expected to be one of the first to make coal a minority business.
Other coal producers are also transitioning. Indika Energy Tbk PT (IDX: INDY) has launched electric motorbikes and solar power plants and sold some coal mines. It is aiming to reduce its coal business to 50 per cent of total revenues by 2025.
Adaro Energy Indonesia TBK PT (IDX: ADRO / FRA: A64 / OTCMKTS: PADEF), run by billionaire Garibaldi Thohir, is building an aluminium smelter and a hydro power plant. Last month, it announced a plan to spin off its coal business through a public offering valuing it at about $2.5bn.
🇰🇭 NagaCorp sees 8pct increase in GGR for Jan-Sept 2024 (GGRAsia)
Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) reported an 8.4-percent rise in gross gaming revenue (GGR) for the first nine months of 2024, reaching nearly US$410.8 million, according to a non-statutory filing made to the Hong Kong Stock Exchange on Wednesday.
NagaCorp holds a monopoly licence for casino operations in Cambodia’s capital, Phnom Penh, where it operates the NagaWorld complex (pictured).
The aggregate mass-market table buy-in and slots bills-in amounted to just above US$2.89 billion in the nine months to September 30, a 7.0-percent increase compared to the same period in 2023. The GGR for this segment rose by 17.3 percent year-on-year, to US$290.1 million in the reporting period.
However, the company’s overall VIP segment saw mixed results.
🇲🇾 IHH Healthcare (IHH MK): Sturdy Performance; Core Markets Remain Strong: Expansion Plans on Track (Smartkarma) $
IHH Healthcare Bhd (KLSE: IHH / SGX: Q0F / OTCMKTS: IHHHF) remains consistent in delivering double-digit growth across key metrics. 2Q24 revenue increased 17%, while EBITDA grew at a faster pace of 22%.
Singapore, Turkiye & Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.
IHH is on track to add ~4,000 beds (+33% capacity) by 2028. The company is acquiring Island Hospital, a 600-bed hospital in Penang.
🇵🇭 Jollibee Foods: The Coffee And Tea Segment's Future Is Bright (Rating Upgrade) (Seeking Alpha) $ 🗃️
Jollibee Foods (PSE: JFC / OTCMKTS: JBFCF / JBFCY)
🇵🇭 PLDT: Positive On Wireless Business Outlook And Digital Bank Turnaround (Seeking Alpha) $ 🗃️
🇵🇭 Robinsons Retail: Positioned To Take Advantage Of Rising Middle-Income Earners (Seeking Alpha) $ 🗃️
Robinsons Retail Holdings (PSE: RRHI / OTCMKTS: RRETY)
🇸🇬 CapitaLand Ascendas REIT: Rate Cuts And Data Center Growth Are Positives (Seeking Alpha) $ 🗃️
CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)
🇸🇬 Mapletree Logistics Trust: A 6%-Yielding S-REIT Poised For A Rebound (Seeking Alpha) $ 🗃️
Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF)
🇸🇬 ST Engineering’s Share Price Hit an All-Time High: Can the Engineering Giant Continue to Do Well? (The Smart Investor)
The engineering giant is on a path to improving over time, but execution and strategy will be key to its success.
Another blue-chip stock that recently hit its all-time high is Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF), or STE.
The engineering giant saw its share price hit a high of S$4.78 recently and is up around 20% year-to-date.
Can STE continue to do well moving forward and see its share price hit new highs? Let’s find out.
A strong set of earnings
Growing its order book
Opportunities amid favourable tailwinds
Refreshed mid-term targets
Get Smart: The future looks bright
🇸🇬 Better Aviation Stock: Singapore Airlines Versus SATS (The Smart Investor)
We compare two popular aviation-related stocks to determine which makes the better investment.
Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA, is Singapore’s flagship carrier and a key beneficiary of the travel rebound.
SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) is another beneficiary of the aviation boom as the blue-chip group provides catering services and ground handling to various airlines and food and beverage chains.
We place these two companies side by side to determine which makes the better investment choice.
🇸🇬 Sheng Siong Splashed Out S$50 Million to Buy 2 Properties: Is the Stock an Attractive Buy? (The Smart Investor)
The supermarket operator is looking to expand its presence in Singapore while diversifying its revenue streams.
A recent announcement by Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) confirms this.
The retailer, which owns 73 outlets across Singapore, entered a sale and purchase agreement with Jelita Property Pte Ltd to acquire the latter for S$50.2 million.
Jelita Property owns eight strata units located at 2 First Street in the development known as “Siglap V”.
It also owns a leasehold interest in 181 Toa Payoh Lorong 4.
What is Sheng Siong’s purpose in acquiring Jelita Property? Should investors turn positive on the stock?
Increasing its store count
An additional revenue stream
Healthy financial performance
Get Smart: Management is aiming to grow its presence
🇸🇬 Semiconductor Recovery: 3 Singapore Stocks That May Raise Their Dividends (The Smart Investor)
With the semiconductor industry set to recover, here are three companies that may increase their dividends in the next few years.
Here are three companies that might benefit from this recovery and increase their dividends in the next few years.
Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF): A Generous Payout
Micro-Mechanics designs, manufactures and markets high-precision parts and tools used in process-critical applications for the semiconductor and other high-technology industries.
UMS Holdings (SGX: 558 / KLSE: UMS / OTCMKTS: UMSSF): Expansion in Progress
UMS is a precision engineering group that specialises in manufacturing high-precision front-end semiconductor components.
Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF): Stronger 2H2024 Expected
Unlike the previous two companies, Venture is a significantly larger and more diversified business.
🇸🇬 🇮🇳 Temasek's USD1Bn+ Bite into India's Booming Snack Food Sector.Top Listed Stocks to Watch (Smartkarma) $
Temasek Holdings Pte Ltd (TMSK SP), Singapore’s state investment firm, is reportedly eyeing a 10-15% stake in India’s top snack maker Haldirams (Unlisted), valued at $11 billion.
India's packaged and processed food sector is booming, driven by modern retail growth, improved food standards, rising convenience demand, and greater affordability.
Big acquisitions, upcoming IPOs, and strong growth prospects keep this sector in the spotlight, with listed companies offering investors opportunity to play the upswing.
🇹🇭 Thai legal casino sector can add 1pct to GDP: JP Morgan (GGRAsia)
Having casinos in Thailand is part of a strategy for the authorities to formalise and tax the country’s “underground” economy that currently overall could be as much as 50 percent of gross domestic product (GDP). Legal casinos could add “0.3 percent to 1 percent to GDP and boost tax revenue by 0.4 percent to 1.2 percent,” says a Wednesday report from banking group JP Morgan.
“Casinos in Thailand” as a policy goal “have turned from not being mentioned under former prime minister Srettha [Thavisin’s] policy statement in September 2023 to becoming an urgent policy under the new prime minister Paetongtarn [Shinawatra], as part of the “Entertainment Complex (EC) Bill,” said JP Morgan in a 25-page report.
The bank mentioned the Royal Turf Club of Thailand, with “plans to invest THB200 billion [US$6.21 billion currently] on a vast entertainment complex in potential partnership with the Royal Sports Complex and other foreign partners”.
Also on JP Morgan’s list was Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF), as well as United States-based Hard Rock International.
🇮🇳 The Beat Ideas: Kilburn Engineering Limited: Differentiated Business, Multiple Acquisition, Growth (Smartkarma) $
Kilburn Engineering (BOM: 522101) acquired new assets, expanded into waste heat recovery, and enhanced its market position with acquisitions in July and August 2024.
Debt settlement, 2 Fundraise, 2 Mega acquisition, diversification of revenue and margin improvement are some key positives for Kilburn.
Rs. 371Cr of Order Book, FY25E Revenue of Rs. 500Cr Revenue leads to 60% revenue growth and expecting margins of 20% will lead to huge potential for this company.
🇮🇳 The Beat Ideas: Dhampur Bio Organics Ltd.- Ethanol, Value Added Products & Deleveraging (Smartkarma) $
Dhampur Bio Organics (NSE: DBOL / BOM: 543593): Integrated sugar manufacturer listed in 2022 post demerger from Dhampur Sugar Mills (DSM IN)
With change in Ethanol policy from Sep-24, Company will be significantly benefitted with its grain-based ethanol plant and higher sugar production with good monsoon.
Company is reducing its debt significantly to deleverage its balance sheet.
🇮🇳 Indian companies move in as US cuts China out of its solar industry (FT) $ 🗃️
Washington weighs more tariffs on imports after flood of Chinese panels drove global prices to record lows
Sumant Sinha, chief executive of Renew Energy Global PLC (NASDAQ: RNW), among India’s largest renewables companies, told the Financial Times that there “will be demand” for solar components from India as Washington reduces reliance on Chinese supplies for its energy transition.
🇮🇳 Danone plans India expansion to close in on rivals Unilever and Nestlé (FT) $ 🗃️
The French consumer goods group’s presence in the country is ‘nowhere near where it should be’, says chief executive
🇦🇪 Wynn briefs investors Tues after UAE gaming permit issued (GGRAsia)
U.S.-based gaming operator Wynn Resorts Ltd (NASDAQ: WYNN) says it has been granted the first casino licence in the United Arab Emirates (UAE) by the country’s General Commercial Gaming Regulatory Authority (GCGRA).
The company – the parent of Macau concessionaire Wynn Macau Ltd – is currently developing the Wynn Al Marjan Island project (pictured in an artist’s rendering) at Ras Al Khaimah in the UAE.
Wynn Resorts is to hold a meeting for financial analysts and institutional investors on Tuesday (October 8) to discuss the UAE project.
🇹🇷 Why Anadolu Efes Is A Perfect Dhandho Style Investment (Seeking Alpha) $ 🗃️
[Beer and soft drinks brands] Anadolu Efes Biracilik ve Malt SanayiiAS (IST: AEFES / FRA: EF41 / OTCMKTS: AEBZY)
🇪🇺 Stellantis and Aston Martin shares fall sharply on profit warnings (FT) $ 🗃️
Two groups become latest European carmakers to flag challenges from Chinese competition
🇵🇱 CD Projekt: A Not Surprising Positive RoR (Seeking Alpha) $ 🗃️
🇧🇲 Brookfield Renewable Partners: A Wonderful Retirement Investment For Income And Growth (Seeking Alpha) $ 🗃️
🇧🇷 Walmart's Brazilian Misadventure (Emerging Markets Today)
Walmart (NYSE: WMT)'s "Everyday Low Prices" strategy may have succeeded in the US, but it faced a surprising defeat in Brazil.
Despite a super fast expansion through acquisitions in the early 2000s, Walmart failed to connect with Brazilian shoppers who preferred promotional deals and local stores over the giant’s hypermarkets.
The company struggled against strong competitors like Carrefour and GPA, and its poor brand positioning left it unable to capture both low-income and middle-class consumers.
By 2021, Walmart exited Brazil entirely, selling its stake to Carrefour Brasil.
Tune in to learn what went wrong, or read more here.
🇧🇷 Rumo: CapEx Challenges And The Path To Long-Term Growth (Seeking Alpha) $ 🗃️
[Railway operator] Rumo (BVMF: RAIL3) operates in a high-barrier sector with exclusive routes, strong capitalization, and a dominant presence in key agricultural and industrial states.
Recent results show robust financial performance with a 29% revenue increase and a 60% EBITDA margin, despite rising fuel costs.
Concerns about high CapEx investments have impacted short-term performance, but long-term prospects remain strong with promising harvest projections and tariff readjustments.
Trading at a forward 6.8x EV/EBITDA, Rumo is undervalued compared to historical averages and international peers, supporting a bullish long-term outlook.
🇧🇷 BRF Q2: Positive Outlook For The Brazilian And International Markets (Seeking Alpha) $ 🗃️
BRF Brasil Foods SA (NYSE: BRFS / BVMF: BRFS3)
🇧🇷 Vale's Stock Price Decline This Year Not Reflecting Financial Results, Or Iron Market Outlook (Seeking Alpha) $ 🗃️
🇧🇷 Vale: Record Iron Ore Production Boosts Growth And Strategic Expansion (Seeking Alpha) $ 🗃️
🇧🇷 Vale Stock: Think Of Doubling Down On Value (Seeking Alpha) $ 🗃️
🇧🇷 Why I'm Upgrading Petrobras Back To Buy (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: Can It Balance E&P And Renewable Investments With Competitive Dividends (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: Still Too Cheap For Buyers To Ignore (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: Double-Upgrade To Buy On New Exploration And Stable Management (Seeking Alpha) $ 🗃️
🇧🇷 BB Seguridade Q2: Resilience In The Face Of Difficulties (Seeking Alpha) $ 🗃️
BB Seguridade (BVMF: BBSE3 / OTCMKTS: BBSEY)
🇧🇷 Smart Fit: A Small-Cap Gym Poised For Long-Term Growth In Emerging Markets (Seeking Alpha) $ 🗃️
[Brazilian fitness chain] Smartfit Escola de Ginástica e Dança (BVMF: SMFT3 / OTCMKTS: SFEGY)
🇨🇴 GeoPark: Still Too Expensive Considering The Risks Involved (Seeking Alpha) $ 🗃️
GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O)
🇨🇴 Aval: Still On The Right Track To Recover (Seeking Alpha) $ 🗃️
[One of Colombia’s largest banking groups] Grupo Aval Acciones y Valores SA (BVC: PFAVAL)
🇲🇽 Moctezuma's Capital Allocation Is Great, And The Stock Is A Buy At These Prices (Seeking Alpha) $ 🗃️
[Mexican cement company] Corporacion Moctezuma SAB de CV (BMV: CMOCTEZ / OTCMKTS: CMZOF)
🇲🇽 🇦🇷 Vista Energy Shows Appealing Growth, Improving Margins (Seeking Alpha) $ 🗃️
Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)
🇲🇽 Vista Energy: Strong Financials Is Key To Scaling Its Growth (Seeking Alpha) $ 🗃️
🇲🇽 Orbia Advance: Resilient Through Its Negative Cycle, Offers An Attractive Yield (Seeking Alpha) $ 🗃️
[Polymer Solutions (Vestolit & Alphagary), Building & Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) & Fluorinated Solutions (Koura) sectors] Orbia Advance Corporation SAB de CV (BMV: ORBIA / FRA: 4FZ / OTCMKTS: MXCHF)
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 Asia New Vision Forum: China expected to be world’s biggest economy by 2050, Thornton says (Caixin) $
China is expected to replace the U.S. to become the world’s largest economy by 2050 with a GDP of more than $40 trillion, John Thornton, chairman of Redbird Capital Partners and former co-president of Goldman Sachs Group Inc., told the Asia New Vision Forum Thursday.
“The 10 leading economies in the world in the year 2050 will be, and I’m doing this in order: China, the United States, India, Indonesia, Germany, Japan, the U.K., Brazil, South Korea, and France,” Thornton said at the international business leadership conference in Singapore, which was organized by Caixin.
🇨🇳 China manufacturing contracts at fastest rate in 14 months, Caixin PMI shows (Caixin) $
Activity in China’s manufacturing sector contracted at the fastest rate in 14 months in September as demand shrank and the labor market weakened, a Caixin-sponsored survey published Monday shows.
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the sector, came in at 49.3, down 1.1 points from August to hit the lowest level since July 2023. A reading above 50 indicates an expansion in activity, while a number below signals a contraction.
🇨🇳 In Depth: Fine dining hits a rough patch in China (Caixin) $
Top-priced dishes including oysters and sashimi have long been favorites among discerning diners at upscale Western and Japanese restaurants in two of China’s biggest and most cosmopolitan cities.
But an uneven economic recovery, intensified competition from more affordable eateries and supply chain challenges exacerbated by Japan’s controversial discharge of nuclear-contaminated wastewater into the sea mean these restaurants are falling out of favor.
Consequently, more diners are instead opting for cheap eats, like noodles, buns or grab-and-go food as they draw the purse strings tighter.
🇨🇳 China demands schoolteachers hand in their passports (FT) $ 🗃️
Authorities make travelling abroad difficult for growing number of public sector employees
It comes as Xi steps up state involvement in everyday life and clamps down on official corruption. China’s powerful state security apparatus has also intensified its campaign against foreign espionage.
🇨🇳 Not Sure How to Think About Recent Chinese Policies? (Investing in China)
Here’s the mental model I use to understand the dynamics of Chinese policy shifts and their broader impact on society and the market
In this article, I’m going to present a very simple mental model that I’ve found helpful for understanding Chinese policymaking. This will serve as the foundation for another article, where I’ll dive into a specific industry and explore how policy shifts could benefit it—something many investors haven’t yet recognized. So stay tuned for the second part!
I’m not going to dive into extensive background or details—that’s beyond the scope of what I want to cover today. Instead, I’ll focus on presenting this model as a straightforward and useful tool for thinking about how policies in China operate.
🇰🇷 Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024 (Douglas Research Insights) $
In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2024.
Volatility has been high in the Korean stock market in the past several weeks resulting in some interesting widening of some gaps among numerous holdcos and opcos in Korea.
Of the 38 pair trades, 19 of them involved holdcos outperforming opcos in the past six months and the other 19 opcos outperforming holdcos in the same period.
🇰🇷 Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 4Q 2024 (Douglas Research Insights) $
In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 4Q 2024.
Among the 27 major pair trades (prefs vs. common shares), 16 of the pref stocks outperformed their common shares counterparts so far this year.
The 27 Korean preferred stocks' average prices increased by 8.3% from end of 2023 to 2 October 2024 (excluding dividends), outperforming their common counterparts which were up on average 5.4%.
🌏 China's Sudden Rally Sucks Money From Rest Of Asia (Bloomberg via Zerohedge) $ 🗃️
A wave of money which earlier left Chinese equities in favor of stocks from Japan and Southeast Asia is poised to reverse course after Beijing’s latest stimulus blitz, according to market watchers. The shift is already underway: shares in South Korea, Indonesia, Malaysia and Thailand posted net outflows last week while BNP Paribas SA said over $20 billion was withdrawn from Japan’s equities in the first three weeks of September.
The nascent rotation may spell the end of a stellar run for Asia ex-China equities, which previously benefited as money managers hunted for better returns outside the world’s second-largest stock market.
“We are trimming our long positions across Asia to fund China purchases,” said Eric Yee, senior portfolio manager at Atlantis Investment Management in Singapore. “Everyone is doing so. It’s a good policy-driven recovery from rock bottom. You wouldn’t want to miss out on such opportunity.”
🇲🇾 Anwar’s reformasi: ‘setting Malaysia back on the right path’ (Murray Hunter)
Prime minister Anwar Ibrahim’s government now has regime status, with its authoritarian, come totalitarian nuances. There is no grassroots input into policy and governance, its just control of the people from above. As we have just seen, even cabinet ministers can be hauled off to the police, if they show any public disagreement with regime policies.
🇲🇾 Seismic shift in the Malaysian political landscape about to occur (Murray Hunter)
Over the last six years, PKR has been consciously transforming itself into a Malay-centric party. Non-Malay members have been very slowly losing their influence. Most significant party posts are now held by Malays. PKR is now primarily a Malay-centric party, with some multi-culturalism at the fringes, by complacent non-Malays. Long gone are notions of secularism, ‘reformasi’, and democracy.
As for Bersatu and DAP, they would be in shock and have to decide whether to go alone or form a new coalition. As a new coalition, Bersatu-DAP would go into the next general election with a theoretical 71 seats.
Such a seismic shift would create a government that Malay nationalists have dreamt of for generations. There is currently no leader within Bersatu-DAP, who has the charisma to muster the Borneo parties around them.
Anwar becomes prime minister for a second term with a legacy of creating the ‘mythical Malay unity’.
🇮🇳 India is getting serious about wine. What will that mean? (FT) $ 🗃️
The latest hobby enjoyed by affluent Indians might give producers reason to be cheerful
🇨🇴 Colombia leader plans to pass budget by decree (FT) $ 🗃️
Finance minister pledges unprecedented measure after stand-off with lawmakers over spending
🇲🇽 Mexico's first woman president wants foreign investment. She'll have to curb cartels first. (San Antonio Express News)
Claudia Sheinbaum, 62, will be inaugurated Tuesday. One of her most important cabinet appointees is her new secretary of security. He's already survived one assassination attempt.
“If I go to Guadalajara, I’m scared to death,” González said in an interview. “It’s very complicated to leave Aguascalientes. There are flights between Aguascalientes and Zacatecas, a laughable 20-minute flight, just to avoid the roads. It’s extremely dangerous.”
He loves Mexico, and he built a successful business there. His company Solinda, which makes precision machinery, brings in $4.4 million a year in revenue. Yet González is moving with his family to El Paso. He says he might also move some of his manufacturing operations north of the border. He was one of more than 60 Mexican investors who gathered in El Paso recently to explore the possibility.
🌐 WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.5bn Round-Trip Trade (Smartkarma) $
The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 241 adds and 208 deletes for the index with an estimated round-trip trade of US$2.5bn. There are many stocks with over 2x ADV to trade.
📅 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):
KazakhstanReferendumOct 6, 2024 (d) Confirmed Jun 5, 2022Georgia 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) Date not confirmed Aug 5, 2020
Romania Romanian Presidency Nov 24, 2024 (d) Date not 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) Date not confirmed Dec 6, 2020
Romania Romanian Chamber of Deputies Dec 1, 2024 (t) Date not 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 Dec 31, 2024 (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):
BingEx Limited FLX Deutsche Bank Securities/CICC/CLSA, 4.0M Shares, $16.50-16.50, $66.0 mil, 10/4/2024 Priced
We are a holding company whose main subsidiary runs a major on-demand dedicated courier service in China. (Incorporated in the Cayman Islands)
Our mission is to make people’s lives better through our services.
We are the pioneer in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. We brand our services as “FlashEx,” or “闪送” (pronounced as “Shan Song”) in Chinese, which means delivery in a flash. FlashEx has become synonymous with on-demand dedicated courier services in China, according to iResearch.
We are the largest independent on-demand dedicated courier service provider in China as measured by revenue in 2023, according to iResearch. Since the inception of our commercial operation in 2014, our business has flourished with individual and business customers embracing the on-demand dedicated courier industry. As of June 30, 2024, we had approximately 2.7 million registered riders, and had expanded our services coverage to 295 cities in China. In 2023, our market share of the independent on-demand dedicated courier service in China was approximately 33.9%, according to iResearch.
Note: Net income and revenue are for the year that ended Dec. 31, 2023.
(Note: BingEx Limited priced its IPO at $16.50 – slightly above the mid-point of its $15.00-to-$17.00 price range – and sold 4.0 million shares – the number in the prospectus – to raise $66.0 million on Thursday night, Oct. 3, 2024. Background: BingEx Limited disclosed terms for its IPO in an F-1/A filing: 4.0 million American Depositary Shares (ADS) at $15.00 to $17.00 to raise $64.0 million. Each ADS represents three Class A ordinary shares. Background: BingEx filed its F-1 for its IPO on Sept. 16, 2024, without disclosing terms. The IPO is expected to raise about $100 million, a placeholder figure. Background: BingEx Limited submitted confidential IPO documents to the SEC on June 10, 2021.)
ALE Group Holding Limited ALEH EF Hutton, 1.3M Shares, $4.00-6.00, $6.3 mil, 10/7/2024 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, 2023.
(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, 10/7/2024 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, 10/7/2024 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.)
HUHUTECH International Group HUHU Craft Capital Management/EF Hutton, 1.3M Shares, $4.00-6.00, $6.3 mil, 10/7/2024 Week of
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 $6.0 million.)
Jinxin Technology NAMI Craft Capital Management/ WestPark /R.F. Lafferty & Co., 1.9M Shares, $4.00-5.00, $8.5 mil, 10/7/2024 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 $8.46 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.)
PTL Limited PTLE Dominari Securities/ Revere Securities, 1.3M Shares, $4.00-6.00, $6.3 mil, 10/7/2024 Week of
PTL Limited, or PTL, is a holding company incorporated in the British Virgin Islands. Our registered office and our registered agent’s office in the BVI are both located at Corporate Registrations Limited of Sea Meadow House (P.O. Box 116), Road Town, Tortola, British Virgin Islands.
Note: Our principal executive office is located at 111 North Bridge Road, #23-06A, Peninsula Plaza, Singapore 179098. The telephone number of our principal executive office is +65-90573550.
As a holding company with no material operations, PTL conducts all of its operations through its operating entity, Petrolink Energy Limited (the “Operating Subsidiary”), a company incorporated in Hong Kong. Investors in our Ordinary Shares should be aware that they will not and may never directly hold equity interests in the Operating Subsidiary, but rather (are) purchasing equity solely in PTL, the BVI holding company.
Headquartered in Hong Kong, we are an established bunkering facilitator providing marine fuel logistics services for vessel refueling, primarily container ships, bulk carriers, general cargo vessels, and chemical tankers. Targeting and serving the Asia Pacific market, we leverage our close relationships and partnership within our established network in the marine fuel logistic industry, including the upstream suppliers and downstream customers, to provide a one-stop solution for vessel refueling.
Through our Operating Subsidiary, Petrolink Energy Limited, we purchase marine fuel, including low sulfur fuel oil, high sulfur fuel oil and low sulfur marine gas oil, from our suppliers and arrange our suppliers to deliver marine fuel to our customers directly. As the bunkering facilitator, our services mainly involve (i) facilitating with our suppliers to supply fuel for the use by our customers’ vessels at various ports along their voyages in the Asia Pacific region; (ii) arranging vessel refueling activities at competitive pricing to our customers; (iii) offering trade credit to our customers for vessel refueling; (iv) handling unforeseeable circumstances faced by our customers and providing contingency solutions to our customers in a timely manner; and (v) handling disputes, mainly in relation to quality and quantity issues on marine fuel, if any.
Our operations are conducted in Hong Kong and substantially all of our revenue has been generated by our Operating Subsidiary in Hong Kong. We do not require any permits and licenses for the operation of our business, instead, we rely on the permits and licenses of our suppliers for the actual delivery of marine fuel at each port. Geographically, in terms of the delivery locations at which the marine fuel is delivered to our customers, nearly all of our revenue (93.2% and 95.3% of our revenue for the fiscal years ended December 31, 2023 and 2022, respectively) were generated by the marine fuel delivery to customers in Hong Kong ports. Other delivery locations include United Arab Emirates, Singapore, Saudi Arabia, and mainland China, and all of the transactions for marine fuel delivery and vessel refueling activities in these locations have been booked through and concluded by our Operating Subsidiary in Hong Kong. For the fiscal years ended December 31, 2023 and 2022, 0.6% and 3.2% of our revenue were generated by the marine fuel delivery to customers in the mainland China port, respectively, and none of these customers were mainland Chinese companies and all of such transactions are booked through and concluded in Hong Kong, instead of in mainland China.
According to the industrial data provided by F&S, we had an estimated market share of approximately 2.7% and 0.8% respectively in terms of volume of fuel oil and gas oil supplied to operators in Hong Kong for the year ended December 31, 2023. Through strategic utilization of our available working capital resources, we have successfully achieved significant business growth.
For the years ended December 31, 2023 and 2022, our customers mainly consist of end-users and trading houses. Our five largest customers contributed 44.3% and 44.3% respectively to our revenue for the years ended December 31, 2023 and 2022. We recorded an increase in revenue from approximately $74,817,208 for the year ended December 31, 2022 to approximately $102,106,509 for the year ended December 31, 2023, representing an increase of approximately 36.5%, while the volume of marine fuel supplied by us increased from 98,013 metric tons for the year ended December 31, 2022 to approximately 163,738 metric tons for the year ended December 31, 2023. Our cost of revenue mainly represented the marine fuel cost and other costs mainly including the agency fee, barging fee, cancellation charges and survey fee. Our cost of revenue increased by $26,486,642, or 35.9%, from $73,703,892 for the year ended December 31, 2022 to $100,190,534 for the year ended December 31, 2023, which was mainly due to the increase in our marine fuel costs and in line with the increase in our revenue.
Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2023.
(Note: PTL Limited filed an F-1/A on Aug. 19, 2024, in which Dominari Securities was named as the lead left book-runner – teamed with Revere Securities – to replace Pacific Century Securities, the deal’s original underwriter. Background: PTL Limited, a holding company, filed its F-1 on July 30, 2024, and disclosed plans for its IPO: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Pacific Century Securities, LLC was the sole underwriter.)
SAG Holdings Ltd SAG Wilson-Davis & Co./Dominari Securities, 1.0M Shares, $8.00-8.00, $8.0 mil, 10/7/2024 Week of
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. )
Wing Yip Food Holdings Group Limited WYHG Dawson James Securities/ EF Hutton, 2.1M Shares, $4.00-5.00, $9.2 mil, 10/7/2024 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.)
Xuhang Holdings, Inc.SUNHCraft Capital/WestPark Capital/ R.F. Lafferty, 2.0M Shares, $4.00-4.00, $8.0 mil, 10/7/2024 Week of
We are a holding company incorporated in the Cayman Islands and not a Chinese operating company. As a holding company with no material operations of our own, we conduct all of our operations primarily through our PRC subsidiaries.
Our PRC subsidiaries are content-driven marketing service providers that offer a package of integrated marketing solutions across a broad range of distribution channels with a primary focus on new media content marketing. Customers use our PRC subsidiaries’ marketing services to achieve their branding and marketing goals across multiple channels with a primary focus on we-media platforms such as WeChat official accounts (微信公众号), Weibo (微博), Xiaohongshu (小红书), Toutiao (今日头条), Douyin (抖音), Kuaishou (快手), and Baidu Baijiahao (百度百家号). As of Oct. 31, 2022, our PRC subsidiaries had delivered short videos and advertorials that generated over 156 billion views in total. Our PRC subsidiaries’ new media account base comprised 524 self-operated accounts and 491 cooperative accounts, which collectively reached approximately 207 million Internet followers.
Customers of our PRC subsidiaries include large Internet platform companies and small- to medium-sized local businesses in all segments of urban life, including catering, entertainment and travel.
Currently, our PRC subsidiaries provide two categories of marketing services: (i) new media integrated content marketing services, which rely on creating and distributing relevant, engaging and valuable content in order to attract and retain audiences to promote brands and sell products and services, and (ii) digital advertising services, which emphasize the need to choose better-matched ad distribution channels with the target audience to maximize marketing effectiveness.
Our PRC subsidiaries started their business in 2014 with digital advertising services, where they help marketers—typically app developers and operators and advertising agents thereof—optimize their marketing efforts by identifying, engaging and activating target audiences for user acquisition. Our PRC subsidiaries publish advertisements for their customers’ products or services via their digital advertising channels, which consist primarily of mobile apps embedded with their distribution software development kit (the “Xuhang SDK-embedded Apps”). With their analysis and optimization capabilities in advertisement placement, their industry expertise and the distribution channel resources they have accumulated over the years, our PRC subsidiaries are able to provide customers with effective digital advertising services through better matching the products to be advertised with suitable distribution channels.
Since 2017, our PRC subsidiaries have launched and expanded their new media integrated marketing services that address the growing demands of marketers for social, entertaining, and trendy marketing content in the new media area. Specifically, our PRC subsidiaries’ new media integrated marketing services are mainly composed of two models—the service-to-business (“S2B”) model and the service-to-platform (“S2P”) model. For the S2B business, our PRC subsidiaries provide customers with a package of new media integrated content marketing service solutions. With respect to the S2P business, our PRC subsidiaries provide online traffic services to large Internet media platforms by generating or directing user traffic to those media platforms through editing and producing captivating short videos from authorized TV dramas, movies, and variety shows and posting such short videos on high-profile media platforms such as Toutiao, Douyin, Xigua Video (西瓜视频), Baidu Baijiahao, Kuaishou, Youku (优酷), Tencent Video (腾讯视频), and iQIYI (爱奇艺).
**Note: Net income and revenue are in U.S. dollars (converted from China’s renminbi) for the 12 months that ended Dec. 31, 2023.
(Note: Xuhang Holdings Ltd. has named Craft Capital and R.F. Lafferty as joint book-runners, to work with WestPark Capital, according to its F-1/A filings. Orientert XYZ Securities is no longer involved as a joint book-runner of Xuhang Holdings’ IPO, the filings show.)
(Note: Xuhang Holdings Ltd. cut its small-cap IPO’s size to 2.0 million shares – down from 2.5 million shares – and kept the assumed IPO price at $4.00 – to raise $8.0 million, according to an F-1/A filing dated Sept. 12, 2024. Background: Xuhang Holdings cut its small-cap IPO’s size to 2.5 million shares – down from 2.75 million shares – and kept the assumed IPO price at $4.00 – to raise $10.0 million, according to an F-1/A filing dated June 28, 2024. In that same filing, Xuhang Holdings disclosed that it has named WestPark Capital and Orientiert XYZ as its joint book-runners to replace Univest Securities. )
(Background: Xuhang Holdings Ltd. disclosed the terms for its small-cap IPO – 2.75 million shares at $4.00 to raise $11.0 million – in an F-1/A filing on Feb. 29, 2024. Background: Xuhang Holdings Ltd. filed its F-1 on March 31, 2023. The company submitted confidential IPO documents to the SEC on Sept. 27, 2022.)
SKK Holdings Limited SKK Bancroft Capital LLC, 2.5M Shares, $4.00-5.00, $11.3 mil, 10/8/2024 Tuesday
We are a civil engineering service provider that specializes in subsurface utility works in Singapore and have participated in numerous public utility projects, including but not limited to power and telecommunication cable laying works, water pipeline works and sewer rehabilitation works. (Incorporated in the Cayman Islands)
We were founded in 2013 by Mr. Sze, our Chief Executive Officer, together with, among others, Mr. Ng, one of our Executive Directors and our Chief Operating Officer. Our Executive Officers including Mr. Sze, Mr. Ng, Mr. Wong and Mr. Tang have over 28, 26, 18 and 15 years of experience in the field, respectively.
As of the date of this prospectus, we were equipped with a fleet of five HDD rigs, 18 excavators and 36 vehicles and a staff over 140. We are one of the five major contractors in Singapore for horizontal directional drilling, or HDD works.
*Note: Net income and revenue are for the 12 months that ended June 30, 2023 (in U.S. dollars converted from Singapore dollars)
(Note: SKK Holdings Limited filed its F-1 on Jan. 29, 2024, and disclosed terms for its IPO: 2.5 million ordinary shares at a price range of $4.00 to $5.00 to raise $11.25 million. Of the 2.5 million ordinary shares in the IPO, the company is offering 1.75 million shares and selling stockholders are offering 750,000 shares. The company will not receive any proceeds from the sale of the selling stockholders’ shares. Background: SKK Holdings filed confidential IPO documents with the SEC on Sept. 20, 2023.)
Moove Lubricants Holdings MOOV J.P. Morgan/BofA Securities/Citigroup/Itau BBA/BTG Pactual/Santander/Goldman Sachs/Jefferies/Morgan Stanley, 25.0 M Shares, $14.50-17.50, $400.0 mil, 10/10/2024 Thursday
We are a holding company. Our operating subsidiary produces and distributes automotive, agricultural and industrial lubricants. (Incorporated in the Cayman Islands)
We were founded in 2008 after Cosan acquired ExxonMobil’s Brazilian lubricant assets. We serve approximately 140,000 clients throughout South America, the United States and Western Europe.
Moove is a global lubricants solutions provider. We specialize in the formulation, manufacturing, distribution, marketing, selling and servicing of lubricant products across a diverse range of end markets and customers. We offer a comprehensive portfolio of products and technical support that is highly tailored to our end markets, while optimizing our cost base, physical footprint and working capital needs to drive unit profitability and cash flow generation.
Note: Net income and revenue are for the 12 months that ended June 30, 2024.
(Note: Moove Lubricants Holdings filed an F-1/A dated Oct. 1, 2024, and disclosed the terms for its IPO: 25.0 million shares at a price range of $14.50 to $17.50 to raise $400.0 million. The company is offering 6.25 million shares and the selling shareholders are offering another 18.75 million shares.)
Li Bang International Corporation Inc. LBGJ Craft Capital Management/ EF Hutton, 1.6M Shares, $5.00-6.00, $8.8 mil, 10/14/2024 Week of
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. 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 income 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.)
🏁 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).
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Emerging Market Links + The Week Ahead (October 7, 2024) was also published on our website under the Newsletter category.