Discover more from Emerging Market Skeptic
Emerging Market Links + The Week Ahead (September 25, 2023)
5-year China anti-graft campaign + debt problems, EU-USA China business outlook falls, mapping the migration of the world’s millionaires, EM stock picks and the week ahead for emerging markets.
China investors should buckle up: Caixin has reported that China is launching a five-year plan for an anti-graft campaign to deepen its corruption crackdown in sectors such as finance, health care, sports, higher education and state-owned enterprises, with an aim to stamp out “industrial, systemic and regional corruption.”
Then there is China’s trillion-dollar local government ‘hidden debt’ dilemma and the fact that China’s combined debt (Government, corporate and household) is more than 300% of GDP - further reasons why the latest European Business in China Position Paper 2022/2023 along with an AmCham China survey show further declines in foreign business confidence.
Finally, our latest CMBI post included numerous potential Chinese stocks where intrepid investors might find value lurking plus our Brazil post offers 122 Brazilian stocks mostly in not-so-hot non-tech old school industries where plenty of value remains. Note that most of these Brazilian stocks have English language Investor Relations sites as the listing requirements for the Novo Mercado (New Market) listing segment of the B3 requires English financial statements translations, etc.
$ = behind a paywall
The 122 Brazil stock picks that are the holdings of the iShares MSCI Brazil Small Cap ETF (NASDAQ: EWZS) and/or VanEck Brazil Small-Cap ETF (NYSEARCA: BRF) as of mid-September 2023.
Nongfu Spring, Zoomlion Heavy Industry, Jinxin Fertility Group, InnoCare Pharma, Greentown Service Group, Sany Heavy Industry, JOYY Inc, ZTO Express, GoerTek Inc, China Suntien Green Energy Corp, Xiaomi Corp, BYD Company, NIO Inc, Huitongda Network, Baozun, Inner Mongolia Yili Industrial Group, Binjiang Service Group, Pinduoduo, Biocytogen Pharmaceuticals Beijng Co, Onewo Inc, ZhongAn Online P & C Insurance Co, Xiabu Xiabu Catering (XBXB), CMGE Technology, Tsingtao Brewery, Jiangsu Hengli Hydraulic, SenseTime, Wingtech, Zhongji Innolight, China Tourism Group Duty Free, Shanghai Henlius Biotech, Hangzhou Tigermed Consulting, China Yongda Automobile Services Holding, Aac Technologies Holdings, Ping An Healthcare and Technology, Guangzhou Automobile Group, Weibo Corp, Cloud Music, China Life Insurance, Sunny Optical, YSB Inc, Intron Technology, Innovent Biologics, Jiumaojiu International Holdings, China Tower Corp, Meituan, ENN Energy Holdings, WuXi Biologics, ZTE, NetEase, Zhihu Inc, CSPC Pharmaceutical Group, Xtep, Poly Property Services Co Ltd, iQIYI, Smoore International, Glodon Co Ltd, ANTA Sports Products, Simcere Pharmaceutical Group, CR Power, Kuaishou Technology, RemeGen, Baidu, Tongcheng Travel Holdings, Zhejiang Jingsheng Mechanical & Electrical Co, CR Beer, FriendTimes Inc, XPeng, Atour Lifestyle Holdings, Kingdee International Software Group, Shanghai Kindly Medical Instruments, Zhejiang Dingli Machinery, Samsonite International SA, Bilibili, JD.com, China Lilang Ltd, Tencent, Alibaba, Tencent Music Entertainment Group, Mobvista, Huya Inc, China Feihe Ltd, Li Ning Co, Far East Horizon, FIT Hon Teng, Horizon Construction Development, Li Auto, Yuexiu Transport Infrastructure, Q Technology (Group) Company, Budweiser APAC, Tongda Group Holdings, BeiGene, Kweichow Moutai, WuXi AppTec, YUM China, Greentown Management Holdings Company, Hutchmed and China Three Gorges Renewables Group Co Ltd (CTGR Group)
20+ high conviction stock ideas: Li Auto, Greely Automobile, Great Wall Motor, SANY International, Zhejiang Dingli, CR Power, CR Gas, Atour, Midea, Yum China, Vesync, CR Beer, Tsingtao, Prada SpA, Kweichow Moutai, Innovent Biologics, AK Medical, AIA, Tencent, Pinduoduo, NetEase, Alibaba, Kuaishou, CR Land, BYDE, BOE Varitronix, Wingtech & Kingdee
Emerging Market Stock Picks / Stock Research
$ = behind a paywall
The e-commerce giant said its former Chairman Daniel Zhang will leave his new role as head of its Cloud Intelligence Unit to head a tech fund with $1 billion contributed by Alibaba
The cloud unit is facing a number of challenges, including Beijing’s growing preference for state-run companies to handle sensitive data
🇨🇳 Yum China plans post-pandemic binge with major expansion (Bamboo Works)
The operator of KFC and Pizza Hut restaurants in China is aiming to boost its footprint by nearly 50% from current levels to 20,000 stores by 2026
The ambitious plan by the operator of KFC and Pizza Hut restaurants in China could face headwinds from growing consumer caution as the nation’s economy slows
Rethinking the proposition: Returns can come from EPS growth and P/E change + received DPS.
The base case for the German listed Haier (690D) [Haier Smart Home (HKG: 6690 / SHA: 600690 / OTCMKTS: HSHCY / OTCMKTS: HRSHF)] shares for me is the stock continues at a low valuation and returns solely come from the dividend stream. Since 690D trades so cheap vs the Hong Kong and China listing the starting dividend yield is high (on a price per share of €1.10 as of Sept 8th). Further, DPS are growing nicely (up 11/15/23% over the last 1/3/5 years) and should continue to grow since Haier is a growing, high ROE business.
The operator of online sites specializing in cheap apparel posted record quarterly revenue growth in the second quarter, though it lost money due to heavy spending on marketing
The company is better positioned than its peers due to its more global sales footprint and its focus on cheaper apparel for cost-conscious buyers
🇨🇳 Online lenders cool as China’s economic rebound wobbles (Bamboo Works)
Online loan facilitators Lufax and Qifu both reported year-on-year revenue declines in the second quarter
Rival FinVolution posted a revenue gain for the quarter, as contributions from its overseas operations helped to offset sluggish performance at home
"The future of this industry doesn't look promising."
There were 6.8 million marriages across China last year, 800,000 fewer than in 2021 and the lowest since the government began publishing the data in 1986.
Couples traditionally splash out on gold jewellery, elaborate decor and luxury venues but Frank Chen, from Chen Feng Wedding Planning in Shanghai, says few weddings this year had a budget of over 100,000 yuan ($13,736).
Jewellery companies Chow Tai Fook Jewelry Group’s (HKG: 1929 / FRA: 1CT / OTCMKTS: CJEWY / CJEWF) and Tse Sui Luen Jewellery (TSL) (HKG: 0417) said they expect demand for wedding jewellery this year to return to pre-pandemic levels.
🇨🇳 Fenbi scores earnings success from civil service exam boom (Bamboo Works)
The supplier of vocational training and exam tutoring has strengthened its market presence with an average of 9.2 million monthly active users in the first half of the year
Fenbi Ltd (HKG: 2469) [I can’t get their website to stay loaded] performed well across its three major businesses in the first half, with gross margin on classroom-based tutoring jumping 10 percentage points to 46.3%
Going forward, the company plans to invest in upgrading its AI technology
🇨🇳 Appotronics powers up for drive into smartcars (Bamboo Works)
The display laser maker has signed deals with BYD Company (HKG: 1211 / SHE: 002594 / OTCMKTS: BYDDY / BYDDF) and BMW, and believes smartcar-use products could account for up a ‘significant’ portion of its sales next year
The company’s revenue fell 15.5% in the first six months of this year on weak laser TV sales, but its profit jumped 63% on strong growth for its higher-margin cinema-use laser business
On September 21, a debt restructuring agreement was reached with debt holders of Sunac China Holdings (HKG: 1918 / FRA: SCNR / OTCMKTS: SNCNQ), in which part of the agreement included Sunac Services Holdings (HKG: 1516 / FRA: 65D / OTCMKTS: SSHLY / SSHLF) shares.
The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy.
The wind power equipment giant said it will raise 881 million yuan by spinning off a wind farm it built in Jiangxi province, far less than the facility’s assessed value two years ago
Xinjiang Goldwind Science Technology (HKG: 2208 / SHE: 002202 / FRA: CXGH / OTCMKTS: XJNGF / XNJJY) will raise 881 million yuan through the spinoff of a 100 MW self-developed wind farm in Jiangxi province, far less than the 1.8 billion yuan the plant was worth two years ago
The company’s gross profit margin fell to a 10-year low in the first half of the year as it struggles with stiff competition
🇨🇳 4Paradigm IPO: Forecasts and Valuation (Smart Karma) $
4Paradigm has announced the terms for its IPO [Prospectus]. The company plans to raise gross proceeds of $131-144m through issuing 18.4m shares at an indicative price range of HK$55.6-61.16 per shares.
The company’s IPO is timed perfectly when AI adoption is expected to expand on a large scale with the popularity of ChatGPT and other AI applications.
Though we liked 4Paradigm (1764934D HK) for its improving financials and growth prospects, our analysis suggests that the IPO is expensive.
🇨🇳 Fourth Paradigm rides AI wave to IPO, but faces choppy waters (Bamboo Works)
After three failed tries, the leading Chinese AI giant’s listing application was finally accepted by the Hong Kong Stock Exchange
Fourth Paradigm’s or 4Paradigm (1764934D HK)’s IPO application has been accepted by the Hong Kong Stock Exchange, as it targets up to HK$1.15 billion in fundraising
The AI company lost 291 million yuan on 644 million yuan in revenue in this year’s first quarter
🇭🇰 Playmates Toys (Ausram’s Substack)
A TMNT renaissance for Leonardo and co?
Playmates Toys (Playmates) (HKG: 0869 / 0635 / FRA: 45P / OTCMKTS: PMTYF / PYHOF) is a Hong Kong listed creator, designer, marketer and distributor of children’s toys, predominantly Teenage Mutant Ninja Turtles (TMNT) action figures.
Playmates currently trades at a depressed valuation -7% below the value of cash and liquid securities on its balance sheet - despite having a profitable underlying business. This is a result of the extreme cyclicality of its sales, which are tied to the cultural relevance of the TMNT franchise.
A new TMNT movie was released in August 2023, and is being followed by a 2 season tv series and sequel movie which I posit will continue to revive interest in TMNT figurines. Over the next ~3 years, I expect Playmates’ earnings to be materially elevated, and the company to payout substantial dividends.
🇭🇰 Wantian cultivates big-name backers with green story (Bamboo Works)
The former Hong Kong food distributor has attracted a local real estate magnate and two major funds with its lofty expansion plans
The company is expanding beyond its original Hong Kong base to supply healthy foods and related services in the larger Greater Bay Area
🇲🇳 Mongolia Growth Group (ToffCap)
Not your typical investment vehicle.
What is MGG? The original mandate of MGG was, as the name indicates, to invest in (at the time) one of the most rapidly growing economies in Asia – Mongolia. The country had a promising outlook at the time, and MGG invested primarily in real estate to profit from the economic tailwinds. However, bad government policy basically killed off the promise of Mongolia and the country has been having a hard time since, along with MGG’s property portfolio.
Since then, MGG has been selling properties and reinvesting the proceeds in marketable securities and stock buy-backs. In addition, over 2021, MGG incubated a new subscription service for investors, KEDM. This service has been growing rapidly at healthy margins, though it kind of stagnated now. Subscription revenue alone is able to stem opex and it looks like MGG will be roughly break-even operationally going forward.
We believe that LG Corp could announce another share buybacks representing 2-3% of outstanding shares in the next 6-12 months.
Another reason that could result in LG Corp's shares outperforming other major LG related shares is due to the value investors increasing capital allocation to higher dividend paying LG Corp.
🇰🇷 Seoul Guarantee Insurance IPO: The Bull Case (Smart Karma) $
Seoul Guarantee Insurance (031210 KS), a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).
The IPO price range is KRW39,500-51,800 per share. The bookbuilding will run from 13 to 19 October, with pricing on 25 October. The shares will be listed in November.
The bull case rests on a leading market share, solid premium growth, the highest industry margins, a high solvency ratio and a high dividend payout.
🇰🇷 Asicland IPO Valuation Analysis (Smart Karma) $
Our base case valuation of Asicland is target price of 40,571 won per share, which is 90% higher than the high end of the IPO price range (21,400 won).
Our target price of 40,571 won is based on 43x P/E using our estimated net profit of 10.1 billion won in 2024.
Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.
🇻🇳 Vinfast: Ambitious EV Plan Seems Unrealistic; Share Price Down More than 50% (Smart Karma) $
More than 50% of EV volume during 1H2023 were to a related company while US volume was less than 200 units raising serious concerns over demand for Vinfast’s EVs.
It seems unlikely for Vinfast to meet its 50K EV target for 2023 and our revised forecast suggests there is further downside despite shares dropping more than 50% vs IPO.
🇸🇬 DBS’ Piyush Gupta Opens Up on China’s Problems: Can the Bank Continue to Grow? (The Smart Investor)
Could the Middle Kingdom scuttle the bank’s growth plans?
While DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) has limited its exposure to China’s property sector, its CEO remains upbeat about India’s prospects. [DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF): Record Earnings But Profit Margins From Higher Rates Have Peaked]
Nearly three years ago in November 2020, the bank took over Lakshmi Vilas Bank in a move to grow its presence in the country.
DBS has a clear two-pronged strategy to grow its business in India.
For Consumer and Small & Medium Enterprises (SMEs), the group will roll out retail deposits, grow its secured loans base, and expand analytics-based lending across the network.
Turning to the mid-cap and large-cap companies, DBS intends to deepen relationships with large conglomerates while expanding mid-cap coverage across India’s top 30 cities.
🇸🇬 Our thoughts on “Grab buying Foodpanda in Southeast Asia” (Momentum Works)
On Wednesday, German publication WirtschaftsWoche (lit. “Business Week”) reported [Delivery Hero plant Teilverkauf seines Asien-Geschäfts] that Delivery Hero (ETR: DHER / FRA: DHER / OTCMKTS: DLVHF) was in talks to sell its Southeast Asia business, including Singapore, Malaysia, Thailand, the Philippines, Cambodia and Laos. The report said that Grab was one of the potential buyers, and the price tag might be €1 billion (US$1.07b).
Delivery Hero confirmed that talks were ongoing, but mentioned that they were at preliminary stages.
The bourse operator released a sparkling set of earnings for its fiscal 2023 (FY2023) ending 30 June 2023.
Back in May, SGX launched Singapore Depository Receipts (DR) under a DR linkage with the Stock Exchange of Thailand.
Apart from introducing new products and beefing up its Indices division, investors should not forget that SGX is also scaling up its commodities and FX divisions.
🇧🇷 Itausa: the Brazilian Berkshire Hathaway? (Brazil Stocks) Partially $
I'm tired of hearing this nonsense and it seems our friend below is too.
Itausa is a business holding company and its shares are among the most popular on the Brazil Stock Exchange. It's that company that the young Padawan buys at an all-time high and wants to convince you to do the same.
🇧🇷 Grazziotin: Opportunity or Value Trap in Brazil Retail? (Brazil Stocks) Partially $
The company has common (ON) and preferred (PN) shares listed on B3 (Brazilian Stock Exchange). As usual, preferred shares have greater liquidity. Both pay the same dividend.
After a few decades, the commercial house created in 1950 became a family holding company with several businesses in the states of Rio Grande do Sul, Santa Catarina and Paraná, mainly, but not only, in the clothing and housewares retail sector.
🌐 Trouble ahead: Container shipping rates sinking further into the red (FreightWaves)
Trans-Pacific spot rates have fallen by double digits over past month
This is particularly bad news for ocean carrier Zim (NYSE: ZIM), which has unusually high spot exposure in the trans-Pacific this year — 70% versus the typical 50%.
Further Suggested Reading
$ = behind a paywall
🇨🇳 China launches five-year plan for anti-graft campaign (Caixin) $
China released a new five-year plan to deepen its corruption crackdown in sectors such as finance, health care, sports, higher education and state-owned enterprises, with an aim to stamp out “industrial, systemic and regional corruption.”
The announcement came as the Communist Party’s Central Committee passed the 2023-27 work plan of the Central Anti-Corruption Coordination Group, an agency coordinating party disciplinary organs and government law enforcement departments.
By using listing and trading rules to direct capital into sectors that fit his priorities, the president wants the market to serve the state
China’s financial system remains plagued by trillions of dollars in local governments’ hidden debt as they have long turned to off-the-books borrowing to plug funding shortfalls that have grown significantly due to the pandemic and the property crisis.
To solve the problem, policymakers may need to take drastic measures, such as allowing local governments to sell bad debt to asset managers and giving them a bigger slice of tax revenue, financial scholars said.
🇨🇳 China's 300% Debt And Dilemmas (Zero Hedge)
By Teeuwe Mevissen, Senior Macro Strategist at Rabobank
China’s combined debt (Government, corporate and household) is more than 300% of GDP
China’s local government debt has been rising sharply for years and is seen as a key risk among investors in Asia.
With declining income from land sales and increasing expenditures to service these high levels of debt, financial risks for local governments are increasing.
Local government finance vehicles add to high levels of debt. We estimate that total local government debt is CNY 106.7 tn or USD 14.6 tn.
Some local governments are scaling down government services and salaries of workers
High levels of local government debt is likely to put a drain on economic growth for some time to come.
Includes many good charts:
China ordered state-owned enterprises (SOEs) and provincial-level governments to pay the money they owe businesses as policymakers step up support for the private sector to shore up the economic recovery and boost market confidence.
At an executive meeting Wednesday, the State Council approved a campaign to deal with arrearages, a matter that it said “must be regarded with great importance” as it “concerns companies’ production, operation and expectations for investing, as well as the continued recovery of the economy.”
Yes, there are deep structural problems in the economy, but this is also a country with significant strengths
What Deng Xiaoping Learned from Japanese and Singaporean Advisors
China’s Growth Prospects, Part II
Please click here to view English and Chinese press release.
Although official announcements aimed at improving the business environment have been released, so has a slew of national security-focused legislation, which has deepened uncertainty and raised compliance risks. This has sent mixed messages to the business community, leaving many companies questioning what kind of relationship China wants to have with them.
The Position Paper 2023/2024 details the challenges faced by European companies operating in China and provides more than 1,000 constructive recommendations to the Chinese Government on how they can be resolved. It serves as a blueprint for attracting and retaining foreign investment in China, while also addressing many of the structural issues that are hindering the country’s pivot to sustainable, high quality economic development. By engaging with European companies to solve the issues outlined in this report, the Chinese Government could begin to restore both business confidence and the allure of the Chinese market.
Even after the ending of COVID curbs, which weighed heavily on revenues and sentiment in 2022, the percentage of surveyed U.S. firms optimistic about the five-year China business outlook fell to 52%, according to the annual survey published by the American Chamber of Commerce (AmCham) in Shanghai.
This was the lowest level of optimism reported since the AmCham Shanghai Annual China Business Report was first introduced in 1999.
A larger percentage of firms - 40%, up from 34% last year - are currently redirecting or looking to redirect investment that had been earmarked for China, mainly to Southeast Asia.
This echoed a report published by Rhodium Group last week, which said that India, Mexico, Vietnam and Malaysia were receiving the vast majority of investment U.S. and European firms were shifting away from China.
🇲🇽 Mexico election notes - Sept 2023 (Latin America Risk Report)
MORENA is still the favorite in next year's election, but the opposition has improved its chances for a 2024 upset.
🇦🇷 Argentina's macroeconomic situation is even worse up close (Noahpinion)
Lengthy and fascinating trip report:
People have been asking me to write a post about Argentina for a long time, so I was quite happy when Karl offered to write a post about his trip there. It’s a sad but fascinating portrait of what a country looks like when it commits itself to bad macroeconomic policy for literally decades on end.
🌐 Mapping the Migration of the World’s Millionaires (Visual Capitalist)
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):
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).
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
Taiwan will have Presidential elections on January 13, 2024 (Wikipedia entry).
Emerging Market IPO Calendar/Pipeline
We are the BVI-incorporated holding company for the Hong Kong-based content creation company. (Incorporated in the British Virgin Islands)
We are a British Virgin Islands business company incorporated on August 30, 2022, as a holding company of our business, which is primarily operated through our indirect wholly-owned HK SAR subsidiary, VS Media Limited (“VS Media HK”), our indirect wholly-owned HK SAR subsidiary, GRACE CREATION LIMITED (“Grace Creation”), and our indirect wholly-owned Taiwan subsidiary, VS MEDIA LIMITED (“VS Media TW”).
Founded in 2013, our company manages a global network of digital Creators who create and publish content to social media platforms such as YouTube, Facebook, Instagram and TikTok. Our Creators include influencers, KOLs—Key Opinion Leaders, bloggers, and other content creators who cultivate fanbases on social media platforms.
*Note: Revenue and net income figures are in U.S. dollars for the year ended Dec.31, 2022.
Our business provides value to two major business stakeholders: Creators and Brands.
● Our Value to Creators: We empower and support Creators by (i) providing them with production facilities, training, and funding to produce quality content; (ii) helping them expand their social media influence and fanbase by assisting with marketing, public relations and audience analytics; and (iii) most importantly, enabling them to monetize their influence by working effectively with Brands, platforms, and fans.
● Our Value to Brands: We bridge the divide between Brands and Creators through helping Brands reach their target audience effectively by (i) advising on content strategy and budget and recommending specific Creators; (ii) communicating with and managing selected Creators; (iii) producing engaging and relevant content with Creators to promote key messages for Brands; (iv) publishing branded content on Creators’ social media channels; (v) amplifying the reach of Creators’ and Brands’ content through precise media planning and buying on social media platforms; (vi) providing optimization and retainer services through data analysis and reporting.
We have developed two distinct but complementary business models: Marketing Services and Social Commerce.
● Marketing Services Model: We help Creators to generate revenue by working with Brands and social media platforms. We do this in two ways: (1) We assist Brands in developing their content and social media strategy and guide them in selecting relevant Creators to create engaging content, publish content on social media platforms, and attract fans’ attention and increase their responsiveness to the Brand’s message. We bridge the divide between Brands and Creators by offering Brands local, relevant, and effective solutions from Creators. We also provide advice on marketing strategies and services on performance optimization to Brands to improve the effectiveness of their branded content and ads, all of which are highly interrelated and not separately identifiable. (2) We assist Creators in earning advertising revenue by creating and publishing content on social media platforms, like YouTube and Facebook.
● Social Commerce Model: We purchase products from Brands and re-sell them to Creators to help Creators build their own eCommerce businesses. In some cases, we also help Creators sell products and merchandise directly to their fanbase/customers.
We are an early-stage esports company focused on developing and organizing esports events in Pakistan. (Incorporated in Delaware)
We are a development-stage interactive esports event promotion and product marketing company, founded in November 2021. Our initial focus is on creating college, inter- university and professional esports events for both men’s and women’s teams, particularly esports opportunities with colleges and universities in Pakistan. The Government of Pakistan’s 2021-22 Pakistan Economic Survey estimated that from 2020-21 there were approximately 500,000 students enrolled in technical and vocational education, approximately 760,000 in degree-awarding colleges, and 1.96 million students in universities.1 Though the foregoing likely will remain our focus for at least 12 months, over time, we intend to expand the range of our esports offerings, expand to other markets and eventually consider live sports. We will endeavor to integrate competitive events that include our teams and leagues with regional and global teams and leagues sponsored by others.
Pakistan is a large market for esports. Pakistan is the fifth most populous country in the world, with a current population estimated to be approximately 231 million persons. The median age in Pakistan is 22.8 years, and 35.1% of the population is urban (77,437,729). Mobile cellular subscriptions have grown at an astounding rate in Pakistan, with 79.51% of the inhabitants having a mobile cellular subscription in 2020 compared to only 0.22% in 2000. Approximately 36.8 million persons in Pakistan have been estimated to play video games in 2022, and the number is expected to increase to 50.9 million by 2026.
We plan to conduct our operations in Pakistan through K2 Gamer (PVT) Ltd. (“K2 Gamer”), and Elite Sports Pakistan Pvt. Ltd. (“ESP”), each a company duly incorporated under the laws of Pakistan. Pursuant to agreements with the three owners of K2 Gamer, we acquired 90% ownership of K2 Gamer on July 10, 2023 when the transfer was approved by the Securities and Exchange Commission of Pakistan (“SECP”). We will account for the transfer as an acquisition of a business under the provisions of ASC 805. To date all activities have been conducted by K2 Gamer and ESP, and not the Company, although the Company has received public recognition as a sponsor for many of the tournaments.
As a result of the assignment to K2 Gamer by ESP of all of its rights with respect to the exploitation of esports, ESP is an affiliate of K2 Gamer and, as a result of the acquisition by us of 90% of the stock of K2 Gamer, ESP now is our affiliate as well. For purposes of this prospectus, we have assumed, except where otherwise stated, that K2 Gamer has been our subsidiary and that ESP has been our affiliate during the periods mentioned. Mr. Muhammed Jamal Qureshi is an owner of K2 Gamer and ESP as well as CEO and a director of K2 Gamer and ESP.
Esports are the competitive playing of video games by amateur and professional teams or individuals for cash and other prizes. Esports typically take the form of organized, multiplayer video games that include real-time strategy and competition, including virtual fights, first-person shooter and multiplayer online battle arena games. The games are played on dedicated hardware (consoles), personal computers (PCs), or a range of mobile devices including smart phones and tablets. Unlike games of chance or luck, esports are defined as competitive games of skill, timing, knowledge, experience, practice, attention and teamwork. Tournaments can be held using consoles, PCs, mobile devices, or a combination of the foregoing. Competitors participate at large in-person events, small in-person events and virtually from home or computer cafes.
Between November 2021 and November 2022, we organized and held 27 separate championships, including the first “Annual University Esports National Tournament and Championship on June 30 through July 1 of 2022. In December 2022 we held the week-long inaugural National Esports Free Fire Championship. During 2023, K2 Gamer and/or ESP are expected to organize and conduct at least 18 championships. There were no paying sponsors for these championships, as a result of which we recognized no revenue from them. We believe that we will be able to gain paying sponsors as the championships gain popularity.
*Note: Revenue and net loss figures are for the year ended Dec. 31, 2022.
(Note: The company is offering 1.7 million shares at $4.00 to $5.00 – with an assumed IPO price at $4.00 – to raise $6.8 million, according to an S-1/A filing dated Sept. 20, 2023. Background: In an S-1/A filing dated Sept. 6, 2023, Gamer Pakistan Inc. disclosed an increase in the number of shares that selling stockholders planned to offer: 1.71 million shares (1,706,329 shares). The company will NOT receive any proceeds from the sale of the selling stockholders’ shares.)
(Background: Gamer Pakistan Inc. filed an S-1/A dated Aug. 17, 2023, disclosing that the number of shares that selling stockholders planned to offer had been cut to 1.17 million shares – down from 2.9 million shares. The company will NOT receive any proceeds from the sale of the selling stockholders’ shares. The IPO’s primary portion and size remain the same: The company is offering 1.7 million shares at $4.00 to $5.00 to raise $7.65 million.)
(Background: Gamer Pakistan Inc. filed its S-1 on July 12, 2023, and disclosed terms for its IPO: 1.7 million shares at $4.00 to $5.00 to raise $8.0 million. Selling stockholders are offering up to 2.9 million shares (2,290,429 shares) of common stock. The company will NOT receive any proceeds from the sale of the selling stockholders’ shares.)
We are an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore. Our mission is to support businesses by improving lives and strengthening communities through our business practices and ethics. We compete primarily in Singapore, with a small portion of our operations in Malaysia.
We provide general cleaning services and maintenance of public and private facilities, such as airports, conservancy areas (i.e., the public areas, refuse disposal areas, parks and carparks of public housing units), common areas of hotels, educational institutions, public roads, residential spaces, commercial buildings, office facilities, industrial areas, retail stores and healthcare facilities; housekeeping services; specialized cleaning services, such as marble polishing services; building façade cleaning services and clean room sanitation services, and waste management and pest control services.
We derive the majority of our revenue from the provision of facilities services, which accounted for approximately $36.9 million or 77.3% of our revenue in FY 2020 and approximately $40.6 million or 84.4% of our revenue in FY 2021. For the six months ended Sept. 30, 2020, and Sept. 30, 2021, we generated approximately $18.7 million or 82.6% of our revenue and approximately $22.9 million or 87.2% of our revenue, respectively, from the provision of facilities services.
**Note: For the fiscal year ended March 31, 2023: Net loss of $2.55 million on revenue of $69.03 million.
**Note: For the fiscal year ended March 31, 2022: Net loss of $1.26 million on revenue of $54.44 million.
**Note: For the fiscal year ended March 31, 2021: Net income of $5.36 million on revenue of $48.09 million.
**Note: For the six months ended Sept. 30, 2022: Net loss of $1.85 million on revenue of $32.7 million.
**Note: For the six months ended Sept. 30, 2021: Net income of $0.41 million – $405,312 – on revenue of $26.24 million.
(Note: Primech Holdings Ltd. slightly increased the size of its IPO to 3.05 million shares – up from 3.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $13.73 million, according to an F-1/A filing dated Sept. 1, 2023. Primech Holdings Ltd. cut its IPO’s size to 3.0 million shares – down from 5.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Aug.18,2023. In that same F-1/A filing dated Aug. 18, 2023, the company removed Pacific Century Securities as the leading joint book-runner and replaced the firm with Spartan Capital Securities as its sole book-runner.)
(Background: Primech Holdings Ltd. added Spartan Capital Securities as a joint book-runner, teaming with Pacific Century Securities, in an F-1/A filing dated June 16, 2022. Primech Holdings ltd. filed terms for its IPO – 5 million shares at $4 to $5 each to raise $22.5 million – in its F-1/A filing dated May 31, 2022. The company also changed its sole book-runner to Pacific Century Securities, LLC, according to this filing; its previous sole book-runner was Tiger Brokers. Primech Holdings filed its F-1 (prospectus) on March 31, 2022. The company had filed confidentially to go public on Nov. 24, 2021.)
We are a holding company. (Incorporated in the British Virgin Islands)
As a holding company with no material operations, our operations are conducted by our indirect wholly owned subsidiary, Global Engine Limited (“GEL”), in Hong Kong, a special administrative region of the People’s Republic of China (the “PRC”). This is an offering of the Ordinary Shares of Global Engine Group Holding Limited, the holding company incorporated in BVI, instead of shares of GEL, our operating entity in Hong Kong.
From the prospectus: For the six months ended Dec. 31, 2022, we generated approximately 80.9% of our revenues from Hong Kong and 19.1% from Taiwan. For the year ended June 30, 2022, we generated approximately 76.2% of our revenues from Hong Kong and 23.8% from Taiwan. For the year ended June 30, 2021, we generated approximately 81.3% of our revenues from Hong Kong. (Please see the prospectus, including the “Risk Factors” section, for language related to China risk.)
We are an integrated solutions provider that delivers actionable outcomes for organizations by using information communication technologies (“ICT”) solutions to drive business outcomes and innovation. Leveraging our business development and consulting talent, we assess, design, deliver, secure, and manage solutions comprised of leading technologies aligned with our customers’ needs.
Our target customer groups include, but are not limited to, the following: (1) telecom operators; (2) data center and cloud computing services providers and (3) Internet of Things (IoT) Solutions Providers, Resellers and Users.
For telecom operators, we provide comprehensive services to telecom operators, including the one-stop shop purchase from telecom license application service to turnkey network setup as well as service outsourcing that adapted to each client’s specific needs. We especially target the clients that are small to medium-sized telecom operators and ICT service providers seeking growth and expansion in Hong Kong and the South East Asian market.
For data center and cloud computing services providers, we offer business planning, development, technical and operations consulting programs structured to target the cloud computing and data center providers. Our current consultancy projects include the technical and regulatory feasibility study for establishing and acquiring data center facilities in Hong Kong and the South East Asian region.
For Internet of Things (IoT) solutions providers, resellers and users, we offer system design, planning, development and operation services to technology companies who seek to transform their service offerings through adoption of the IoT technology and platform.
We offer a number of products and services to our customers to fit their specific ICT needs as we strive to be their primary ICT solutions and services provider. Some of our offerings include:
ICT Solution Services – Cloud platform deployment, IT system design and configuration services, maintenance services, data center colocation service and cloud service. We believe that our services view technology purchases as integrated solutions, rather than discrete product and service categories, and most of our sales are derived from integrated solutions involving our customers’ data centers, network and collaboration infrastructure.
Technical Services – Technical development, support, and outsourcing services for data center and cloud computing infrastructure, mobility and fixed network communications, as well as IoT projects/
Project Management Services – These services enhance productivity and collaboration management and enable successful implementation and adoption of solutions for customers.
Our primary focus in delivering comprehensive ICT solutions is to deliver custom tailored solutions that address our customers’ business and financial needs while leveraging the expertise of our experienced team, as well as our strong ties with telecom carriers, vendors, and regulators. We begin with a consultation with our clients to better understand their business needs and then design, deploy and manage solutions aligned to such needs. In order to provide custom tailored solutions, we leverage the broader areas of cloud, security, networking, data center, collaboration and specific skills in orchestration and automation, data management, data visualization, analytics, network modernization, edge computing and other innovative and emerging technologies. We possess extensive engineering and operational experience and relationships with a broad range of leading ICT service providers that enable us to offer tailored multi-vendor ICT solutions that are optimized for each of our customers’ specific requirements.
Moreover, our technical resources have enabled us to continue investing in engineering and technology resources to stay on the forefront of technology trends. Our expertise in the ICT industry, fortified by our robust portfolio of consulting, professional, and managed services, has enabled us to remain a trusted advisor for our customers. This broad portfolio of expertise enables us to deliver a wide range of services to our customers that spans from fast delivery of competitively priced products and services, to subsequent operations and maintenance services. This approach permits us to deploy ever-more-sophisticated solutions enabling our customers to achieve their business goals.
**Note: Revenue and net income figures are in U.S. dollars (converted from Hong Kong dollars) for the year ended June 30, 2022.
(Note: Global Engine Group Holding Ltd. increased its IPO’s size by 50 percent to 3.0 million shares – up from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Aug. 29, 2023. In that same filing, Global Engine Group Holding Ltd. replaced the sole book-runner: Prime Number Capital is the sole book-runner, replacing Univest Securities.)
(Background Note: Global Engine Group Holding Ltd. cut its IPO’s size to 2.0 million shares – down from 3.5 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to an F-1/A filing on May 30, 2023. Background: Global Engine Group Holding Ltd. disclosed its IPO price range of $4.00 to $5.00 on 3.5 million shares in its F-1/A filing dated Feb. 7, 2023. Global Engine Group Holding Ltd. filed an F-1/A dated Jan. 11, 2023, in which it disclosed partial terms – 3.5 million shares with no price range stated in the prospectus. Some IPO experts, however, believe the deal could raise up to $17 million – and if that is the case, then the assumed IPO price would be about $4.86. Global Engine Group Holding Ltd. filed its F-1 on Aug. 16, 2022; the company filed confidential IPO documents with the SEC on March 25, 2022.)
As a holding company with no material operations of our own, our operations are conducted through our subsidiaries in the People’s Republic of China (the “PRC”), Taiwan, Hong Kong and Samoa, with our headquarters in Taiwan, and such structure involves unique risks to investors, as the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time. (Incorporated in the Cayman Islands)
Our Predecessor Group was established in 1970 and we have accumulated over 50 years know-how in material composite industry. We develop and commercialize the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, we are able to apply our expertise and technology on designing and manufacturing a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. According to the industry report commissioned by us and prepared by Frost & Sullivan, we are one of the major global leading players in the carbon fiber bicycle parts industry and carbon fiber racket parts industry.
We primarily generate revenue through three divisions and revenue streams, namely (i) sales of bicycles parts of sports bicycle and electric bicycle; (ii) sales of rackets for use in tennis, badminton, squash and beach tennis; and (iii) sales of other products, which mainly include structural parts of automobile, other sporting goods and healthcare products. Our bicycle parts and rackets are mainly supplied directly or indirectly to branded customers located in Switzerland, France, Italy, the Netherlands, Germany and Japan and they market and distribute their products worldwide. Other customers who rely on our new products, such as automobile parts and healthcare products, are mainly located in Australia, Canada and Japan.
*For the fiscal year ended Dec. 31, 2022, our total revenue was $39.38 million, and our net income was $0.12 million.
(Note: J-Star Holding Co. Ltd. cut its IPO to 2.5 million shares – down from 4.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $11.25 million, according to an F-1/A filing dated Sept.19, 2023.)
(Note: J-Star Holding Co. Ltd. cut its IPO to 4.0 million shares – down from 5.375 million shares – and set the price range at $4.00 to $5.00 – an upward adjustment from its previous assumed IPO price of $4.00 – to raise $18.0 million, in an F-1/A filing dated Feb. 8, 2023. The downsizing represented a 16.3 percent cut in J-Star’s estimated IPO proceeds, which were $21.5 million under the previous terms. J-Star also disclosed a change in the bankers running its IPO, in the Feb. 8, 2023, F-1/A filing: Maxim Group LLC and Freedom Capital Markets are the joint book-runners, replacing ViewTrade Securities, which previously was the sole book-runner. Background: J-Star upsized its IPO in an F-1/A filing dated Sept. 2, 2022: 5.375 million shares at $4.00 – up from 5.25 million shares at $4.00 in a previous filing on Aug. 19, 2022. Under the new terms, the IPO’s proceeds are estimated at $21.5 million – or $500,000 more than the previous terms. J-Star Holding Co. Ltd. disclosed terms for its IPO in an F-1/A filing dated July 13, 2022: 3.75 million ordinary shares at $4.00 each to raise $15.0 million. J-Star Holding filed an F-1/A dated May 26, 2022, with financial information for the fiscal year ended Dec. 31, 2021. The company filed its F-1 on March 21, 2022, after submitting confidential IPO paperwork on Sept. 30, 2021.)
Maison Solutions is a specialty Asian grocery retailer. (Incorporated in Delaware)
We are a fast-growing specialty grocery retailer offering traditional Asian food and merchandise to modern U.S. consumers, in particular to members of Asian-American communities. We are committed to providing Asian fresh produce, meat, seafood, and other daily necessities in a manner that caters to traditional Asian-American family values and cultural norms, while also accounting for the new and faster-paced lifestyle of younger generations and the diverse makeup of the communities in which we operate. To achieve this, we are developing a center-satellite stores network.
Our merchandise includes fresh and unique produce, meats, seafood and other groceries which are staples of traditional Asian cuisine and which are not commonly found in mainstream supermarkets, including a variety of Asian vegetables and fruits such as Chinese broccoli, bitter melon, winter gourd, Shanghai baby bok choy, longan and lychee; a variety of live seafood such as shrimp, clams, lobster, geoduck, and Alaska king crab, and Chinese specialty products like soy sauce, sesame oil, oyster sauce, bean sprouts, Sriracha, tofu, noodles and dried fish. With an in-house logistics team and strong relationships with local and regional farms, we are capable of offering high-quality specialty perishables at competitive prices.
Our multi-pronged approach allows us to provide customers with multiple shopping channels, including integrated online and offline operations, according to Maison Solutions Inc.’s website.
“Customers can place orders on our mobile app “FreshDeal24,” or through our WeChat Applet “Good Luck to Home” for either home delivery or in-store pickup,” the company’s website says.
*Note: Revenue and net income are for the 12 months that ended April 30, 2023.
(Note: Maison Solutions Inc. cut its IPO’s size by 25 percent to 3.0 million shares – down from 3.75 million shares – and kept the assumed IPO price at $4.00 – to raise $12.0 million, according to a post-effective amendment dated Aug. 1, 2023. In that same SEC filing, the company updated its financial statements for the year that ended April 30, 2023. Maison Solutions Inc. filed an S-1/A dated June 2, 2023, in which it increased the size of its IPO – to 3.75 million shares – up from 3.0 million shares – and kept the assumed IPO price at $4.00 – to raise $15 million. Under the new terms, Maison Solutions will raise 25 percent more than the $12 million in estimated IPO proceeds under its original terms. Background: Maison Solutions filed its S-1 on May 22, 2023, after submitting confidential IPO documents to the SEC on Dec. 23, 2022.)
WeBuy Global is an e-commerce platform that connects Southeast Asian social media users with similar interests in food (groceries) and travel. The company, based in Singapore, caters to customers in Singapore and Indonesia. (Incorporated in the Cayman Islands)
(Note: WeBuy Global Ltd. cut the size of its IPO to 3.5 million shares – down from 4.0 million shares – and kept the price range at $4.00 to $4.50 – to raise $14.88 million, according to an F-1/A filing dated Aug. 3, 2023. In that same F-1/A filing, WeBuy Global Ltd. changed its sole book-runner to EF Hutton (replacing Univest).)
(Background: WeBuy Global Ltd. revised its IPO terms in an F-1/A filing dated June 16, 2023, as follows: The price range is $4.00 to $4.50 – replacing the previous assumed IPO price of $4.00 – and the number of shares was kept at 4.0 million shares – to raise $17.0 million. Previously: WeBuy Global revised the terms of its IPO in an F-1/A filing dated June 2, 2023: The IPO will consist of 4.0 million shares – with WeBuy Global offering 3.175 million shares and the selling stockholder selling 825,000 shares – at $4.00 (same as before) to raise $16.0 million. Previously the secondary portion of the IPO had amounted to 34 percent of the stock offered in the deal. Background: WeBuy Global filed its F-1 on May 3, 2023; it submitted confidential IPO documents to the SEC on Sept. 21, 2022.)
Emerging Market ETF Launches
Climate change and ESG are clearly the latest flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
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 - Value + growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - 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:
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 some ETF lists are still being updated as of Summer 2022).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.
Emerging Market Links + The Week Ahead (September 25, 2023) was also published on our website under the Newsletter category.